Ripple [XRP] ETF Hype Remains Hot, But ProShares Launch Missed April 30 Deadline

Despite the bullish outlook on the ETF front, analytics firm Aphractal was cautious, drawing parallels to BTC ETF approval.

Despite rumors swirling about the imminent launch of a ProShares futures-based ETF for Ripple [XRP], it seems we'll have to wait a bit longer.

While April 30 was the speculated date, Bloomberg ETF analyst James Seyffart has confirmed that it will be launching soon, but not this month.

“We’ve confirmed that’s not the case. We don’t have a confirmed launch date yet, but we believe they will launch — and likely launch in the short or possibly medium term.”

If listed, ProShares products will join Teucrium in leveraged XRP ETFs in the U.S.

With XPR CME futures also set to launch in May, the odds for a likely U.S. spot XRP ETF approval have risen 10% over the past week.

Prediction site Polymarket now predicts a 78% chance of greenlight by the end of 2025.

As the ETF approaches, analytics firm Aphractal expressed concern, drawing a comparison to BTC ETF approval. There was a massive build-up of unliquidated longs around $2 and below.

This could drag BTC down $11K before bouncing back, as a similar scenario played out with BTC ETFs.

For the unfamiliar, such massive liquidity, whether from long or short positions, tends to act as price magnets. As a result, an asset price could drop to these levels during liquidity-driven rallies.

Hence, Aphractal speculated a potential dip to $2 or lower when any XRP ETF debuts soon. A similar sentiment was seen in the options market.

According to Deribit, the top volume was for a put option (bearish bet) for a $1.4 target by the 30th of May.

The second most traded instrument was a call option (bullish bet) for $2.275 for the 30th of April. Put differently, large players were hedging against a potential decline below $2 next month.

On the price chart, XRP defended the $2.1 short-term support but was yet to clear the downtrend. However, price action was above the 200DMA (Daily Moving Average).

This meant bulls were in a good place but could gain a better edge when they push above $2.4.

Any sharp decline could be stopped at the $2.1, 200DMA, or $1.4 (a key November consolidation zone).