波动率股票推出了第一个XRP期货ETF，这标志着将该资产整合到机构财务上的转折点。

一些启动重新定义了在加密生态系统中资产的位置。 2025年5月22日，波动率股票将向市场介绍第一个XRP期货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，将通过波动率股票推出第一个XRP期货ETF，以与CME Group引入的新期货合约密切相关的产品的形式。

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.

第一个1倍曝光XRP期货ETF将于2025年5月22日由Crypto衍生产品产品的公认参与者正式推出。 ETF被称为“ XRPI”，并与CME Group介绍的新期货合约密切相关，将在纳斯达克股票上列出。

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.

该ETF直接基于CME列出的XRP期货合约，仅可用两天。该产品结构的敏捷性表明了明确的市场预期，并且已经存在对受管制XRP产品的机构需求。

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:

此次发射是在竞争性的情况下进行的，它以2倍长2倍长的每日XRP ETF（基于同一加密货币）的杠杆ETF为标志。它显示了壮观的数字，突出了市场需求：

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.

鉴于此观察结果，波动性份额选择了与XRPI的不同策略。该公司正在押注未杠杆风险（1倍），以吸引更多保守的机构投资者。

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指出的那样，这是“一项旨在提供预计每日XRP每日收益一倍的回报的倡议。”这是指2x的成功，是对具有控制风险的投资组合的更温和版本的先前兴趣的指标。

A gateway to an XRP spot ETF ?

通往XRP斑点ETF的门户？

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的发布引起了很多关注，那也是因为它重新引起了XRP Spot ETF的猜测，SEC的批准仍在待处理中。发射的时机以及这些衍生产品的快速结构被某些参与者解释为前体信号。

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在他的分析中认为：“ XRP期货的推出[…]推动XRP倾向于广泛采用。”换句话说，这些进步可以作为对加密货币更全面的监管认识的跳板。

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.

从杠杆产品到1倍版本的这种转变，在制度上更兼容，有可能建立向现货产品的轨迹，类似于比特币观察到的轨迹。

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.

该假设还依赖于波纹生态系统的最新发展。几个星期以来，已经出现了积极的信号：美国的部分监管澄清，银行业的合作协议以及某些跨境活动的恢复。

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.

在这种情况下，XRPI ETF似乎是XRP在机构投资者中卷土重来的最可信的监管入口点，长期以来，由Ripple与SEC的法律斗争冷却。美国司法机构最近对两党之间的友好协议的拒绝重新点燃了围绕波纹的法律不确定性，并加强了对受监管的衍生工具的兴趣。