The crypto market was gearing up for a historic moment

The crypto market was gearing up for a historic moment: the launch of the first-ever XRP futures ETFs by ProShares.

The crypto market was gearing up for a historic moment: the launch of the first-ever XRP futures ETFs by ProShares. However, in a surprising turn, Bloomberg reports that ProShares’ products will not be hitting the market as planned on April 30.

While the delay doesn’t necessarily mean cancellation, it adds a layer of uncertainty to XRP’s institutional adoption story, at a time when futures-based ETFs are becoming critical drivers of market liquidity.

Earlier this year, ProShares, a heavyweight in the ETF world known for its Bitcoin Strategy ETF (BITO), applied to launch XRP futures ETFs. The filings suggested strong regulatory momentum, particularly following the partial legal victory Ripple Labs (RPL) (CRYPTO:XRP) secured against the SEC in 2023, which classified XRP sales on exchanges as not securities.

Initial reports indicated that ProShares had secured preliminary approval for the products, setting up a potential April 30 debut. But according to a recent update by Bloomberg, the launch will not proceed as scheduled, and no alternative date has been set.

Key reasons for the delay are still unclear, but sources suggest ongoing regulatory scrutiny, shifting internal strategies, or market conditions could be at play.

“While SEC approval for futures-based products is generally easier to obtain than for spot-based products, the agency maintains significant control over launch timing and product readiness,” noted Bloomberg ETF analyst Eric Balchunas.

The launch of XRP futures ETFs would have been a watershed moment for XRP’s mainstream legitimacy, similar to what Bitcoin experienced with its first futures ETFs in 2021.

Here’s why this delay is significant:

The news may weigh on short-term XRP sentiment, especially among investors anticipating a bullish catalyst.

The decision to delay — even without full explanation — signals that regulators are still cautious when it comes to XRP, despite favorable court rulings.

Interestingly, XRP’s price has remained relatively stable following the announcement, suggesting that the market had already priced in some uncertainty.

At the time of writing, XRP is trading at around $0.52, down 2.5% over the past 24 hours but still up around 12% month-to-date as broader altcoin optimism persists.

Announcers: Stay tuned for further filings or announcements from ProShares regarding the status of the ProShares XRP futures ETFs. A successful launch of the products could eventually spark new interest in XRP among traditional finance players.

In the meantime, XRP’s fundamentals, Ripple’s ongoing global expansion, and broader altcoin market trends will continue to drive the token’s performance.