波動率股票推出了第一個XRP期貨ETF，這標誌著將該資產整合到機構財務上的轉折點。

一些啟動重新定義了在加密生態系統中資產的位置。 2025年5月22日，波動率股票將向市場介紹第一個XRP期貨ETF

May 22, 2025 will see the launch of the first XRP futures ETF by Volatility Shares, arriving in the form of a product closely linked to the new futures contracts introduced by CME Group.

2025年5月22日，將通過波動率股票推出第一個XRP期貨ETF，以與CME Group引入的新期貨合約密切相關的產品的形式。

The first 1x exposure XRP futures ETF will be officially launched on May 22, 2025 by Volatility Shares, a recognized player in crypto derivatives products. The ETF, named “XRPI” and closely linked to the new futures contracts introduced by CME Group, will be listed on Nasdaq.

第一個1倍曝光XRP期貨ETF將於2025年5月22日由Crypto衍生產品產品的公認參與者正式推出。 ETF被稱為“ XRPI”，並與CME Group介紹的新期貨合約密切相關，將在納斯達克股票上列出。

This ETF is directly based on XRP futures contracts listed by CME, available for only two days. The agility with which this product was structured indicates clear market anticipation and an already existing institutional appetite for regulated XRP products.

該ETF直接基於CME列出的XRP期貨合約，僅可用兩天。該產品結構的敏捷性表明了明確的市場預期，並且已經存在對受管制XRP產品的機構需求。

This launch takes place in a competitive context notably marked by the presence for several weeks of the Tectum 2x Long Daily XRP ETF, a leveraged ETF based on the same crypto. It shows spectacular figures, highlighting market demand:

此次發射是在競爭性的情況下進行的，它以2倍長2倍長的每日XRP ETF（基於同一加密貨幣）的槓桿ETF為標誌。它顯示了壯觀的數字，突出了市場需求：

Given this observation, Volatility Shares has chosen a different strategy with XRPI. The company is betting on unleveraged exposure (1x) to attract more conservative institutional investors.

鑑於此觀察結果，波動性份額選擇了與XRPI的不同策略。該公司正在押注未槓桿風險（1倍），以吸引更多保守的機構投資者。

As Balchunas points out, this is “an initiative aimed at providing returns that double the projected daily gains of XRP on the market.” This refers to the success of the 2x as an indicator of preexisting interest in a more moderate version suited to portfolios with controlled risk.

正如Balchunas指出的那樣，這是“一項旨在提供預計每日XRP每日收益一倍的回報的倡議。”這是指2x的成功，是對具有控制風險的投資組合的更溫和版本的先前興趣的指標。

A gateway to an XRP spot ETF ?

通往XRP斑點ETF的門戶？

If the launch of XRPI draws so much attention, it is also because it rekindles speculation around an XRP spot ETF, whose approval by the SEC is still pending. The timing of the launch, combined with the rapid structuring of these derivative products, is interpreted by some actors as a precursor signal.

如果XRPI的發布引起了很多關注，那也是因為它重新引起了XRP Spot ETF的猜測，SEC的批准仍在待處理中。發射的時機以及這些衍生產品的快速結構被某些參與者解釋為前體信號。

In his analysis, Balchunas considers that “the launch of XRP futures […] propels XRP toward widespread adoption.” In other words, these advances could serve as a springboard toward more comprehensive regulatory recognition of the crypto.

Balchunas在他的分析中認為：“ XRP期貨的推出[…]推動XRP傾向於廣泛採用。”換句話說，這些進步可以作為對加密貨幣更全面的監管認識的跳板。

This shift from leveraged products to a 1x version, more institutionally compatible, potentially serves to build a trajectory toward a spot product, similar to what has been observed with Bitcoin.

從槓桿產品到1倍版本的這種轉變，在製度上更兼容，有可能建立向現貨產品的軌跡，類似於比特幣觀察到的軌跡。

This hypothesis also relies on recent developments in the Ripple ecosystem. For several weeks, positive signals have emerged: partial regulatory clarification in the United States, partnership agreements in the banking sector, and a resumption of certain cross-border activities.

該假設還依賴於波紋生態系統的最新發展。幾個星期以來，已經出現了積極的信號：美國的部分監管澄清，銀行業的合作協議以及某些跨境活動的恢復。

In this context, the XRPI ETF appears as the most credible regulatory entry point for a comeback of XRP among institutional investors, long cooled by Ripple’s legal battles with the SEC. The recent rejection of the amicable agreement between the two parties by the US judiciary reignites legal uncertainties around Ripple and strengthens interest in regulated derivative instruments.

在這種情況下，XRPI ETF似乎是XRP在機構投資者中捲土重來的最可信的監管入口點，長期以來，由Ripple與SEC的法律鬥爭冷卻。美國司法機構最近對兩黨之間的友好協議的拒絕重新點燃了圍繞波紋的法律不確定性，並加強了對受監管的衍生工具的興趣。