The Rise of a 3× Leveraged XRP ETF and Its Market Reverberations

The crypto‑currency XRP has long been a focal point for both institutional investors and retail traders. In recent days, a new development has shifted the spotlight toward leveraged exposure: GraniteShares has filed an application with the U.S. Securities and Exchange Commission (SEC) for a 3× leveraged exchange‑traded fund (ETF) tied to XRP. The filing, unveiled on October 8, 2025, marks the latest iteration in a series of XRP‑based funds that began with 2× leveraged products offered by ProShares and Teucrium.

Filing Details and Market Context

GraniteShares’ proposal seeks to provide investors with both long and short 3× exposure to XRP’s daily price movements. According to a statement from the firm, the fund would offer 3× long and 3× short product lines, thereby enabling participants to profit from sharp upswings or downturns in the token’s price. The filing arrived at a time when XRP’s market sentiment was fragile; the cryptocurrency was trading around $2.86, a level that has been holding amid broader turbulence in the crypto market.

The announcement came after a period of heightened anticipation for spot ETF approvals across major tokens. Industry observers had projected that October 2025 would deliver definitive decisions on ETFs for XRP, Solana, Cardano, and others. However, the U.S. government’s shutdown that began on October 1 has stalled progress, leaving the SEC’s timetable uncertain.

Investor Reactions and Analyst Perspectives

The news of a 3× leveraged product has ignited a mix of enthusiasm and caution among market participants. Bill Morgan, a lawyer at Pro‑XRP, warned that the filing could spark “panic buying” among investors, suggesting that the mere presence of a leveraged option might drive speculative inflows. Conversely, seasoned trader Peter Brandt has cautioned that the broader market environment—particularly Bitcoin’s performance—could dilute the impact of the new ETF on XRP’s price.

In a recent prediction, analysts from Canary Capital projected that significant institutional inflows, coupled with regulatory clarity, could push XRP’s price toward the $10 billion inflow threshold, potentially generating upward momentum. Nonetheless, the market has not yet responded with a pronounced rally. Instead, whale activity has intensified; reports indicate that large holders have been selling approximately $50 million worth of XRP per day, driving the price below $3 and testing a descending triangle pattern that targets $2.20.

Fundamental Snapshot

While the raw numbers from the fundamental data set appear to reflect a price in the order of 10⁻¹² USD, the actual trading price observed in the market remains in the single‑digit dollar range. As of the close on October 8, 2025, XRP was listed at roughly $1.59 × 10⁻¹² in the supplied dataset; however, contemporaneous market feeds show a valuation near $2.86. Over the past year, XRP’s price has oscillated between a 52‑week high of $2.364 × 10⁻¹¹ (December 2, 2024) and a low of $2 × 10⁻¹³ (December 13, 2024), underscoring the token’s volatility.

Outlook

The approval of a 3× leveraged XRP ETF would add a new layer of complexity to the asset’s ecosystem, offering traders a tool to amplify gains or hedge against rapid price swings. Yet, the prevailing uncertainty—stemming from the U.S. government shutdown and the SEC’s delayed decision‑making—suggests that the market may remain cautious. Whale selling continues to exert downward pressure, and any regulatory developments will likely influence the trajectory of XRP’s price.

In summary, GraniteShares’ filing represents a significant milestone in the evolution of cryptocurrency ETFs, but the market’s response will hinge on a confluence of factors: regulatory clarity, institutional participation, and the broader macro‑financial environment that shapes investor sentiment toward leveraged crypto products.