Cryptocurrency Investors Scratched Their Heads Last Week After Unsubstantiated Rumors Went Around ProShares Launching XRP ETFs on April 30

Unverified rumors circulating last week claimed that ProShares would be launching its highly-anticipated XRP ETFs on April 30.

However, Bloomberg ETF analyst James Seyffart has intervened to dispel the misinformation.

ProShares: No Plans For April 30 Launch

ProShares has “no ETF launches planned for Wednesday, April 30,” a company spokesperson confirmed to Ben Strack of news platform All About the Fed.

The company made no comment on a timeline for future possible launches, other than to say they had “no further news to convey at this time.”

As market watchers explain, although there is no confirmed launch date, investors can realistically anticipate a launch in the “short to medium term.” The confusion may have originated from an April 15 regulatory filing that multiple news organizations in error described as new.

XRP’s price has remained relatively stable despite the confusion, trading at $2.28 with a 0.79% rise above its low point in the past seven days.

Market statistics indicate that the altcoin’s 24-hour market cap grew by almost a percent to $133.8 billion, while trading volume increased by 27% to $4.51 billion.

Future-Based Products Arriving Rather Than Spot ETFs

The ETFs mentioned will not be holding actual tokens of XRP, as expressed by Nate Geraci, President of The ETF Store. The products will instead follow the crypto by using futures contracts, offering investors indirect exposure to the price movement of the altcoin.

Geraci said the new ETFs will feature both leveraged and inverse versions. This comes after Teucrium recently introduced a 2x Long XRP ETF (XXRP) last month. The XXRP fund employs swap agreements to provide twice the daily return of XRP and currently holds around $42.70 million in assets.

SEC Still Reviewing Spot XRP ETF Applications

While products based on futures advance, the Securities and Exchange Commission remains in a wait-and-see mode regarding any spot Ripple ETF proposals. Firms such as Grayscale, Bitwise, and Franklin Templeton continue to await regulatory rulings on their submissions.

Market analysts have asked why the SEC appears more at ease with futures-based products than spot ETFs.

Regulatory experts note that futures ETFs generally encounter fewer roadblocks in the approval process than spot products, which are subjected to more stringent risk analyses.

Odds Of Approval

Meanwhile, the chances of a Ripple ETF approval in the current year have risen 8% to 78%, according to prediction market Polymarket. This is while there has been continued talk surrounding the ProShares XRP ETFs.