XRP ProShares ETF Launch Fuels Surge: Will the Rally Continue?

XRP ProShares ETF Launch Approved by SEC, Trading Starts July 18

In a milestone for XRP, the U.S. Securities and Exchange Commission (SEC) has officially approved the XRP ProShares ETF Launch, which will start trading on July 18 under the ticker UXRP. 

Source: X (formerly Twitter)

It is a historical milestone for this cryptocurrency as it joins the ranks of leveraged crypto ETFs. The XRP ProShares ETF Launch is now at the forefront of currency's recent 9.1% price increase, hitting $3.23, its highest point in years.

XRP ProShares ETF Launch Sparks Frenzy in the Market

XRP ProShares ETF Launch introduces 2x leveraged exposure to altcoin via futures and options contracts. Investors can reap double the gain or loss based on the direction of the market. The fund itself does not own real tokens, yet its trading is likely to create significant buy-side pressure from institutions preparing ahead of launch day.

The introduction of this investment product can trigger meaningful price action. Market experts are of the view that this action has the ability to propel the total market cap of the coin to $1 trillion, which would equate to a token price of $17.80.  

As of writing it is trading at $3.23 with an increase of almost 10% within the last 24 hours. The trading volume has spiked up by 79% to reach 12.58 Billion within a day as per the CoinMarketCap. 

Source: CoinMarketCap

Key Drivers Behind Price Surge

A number of events are driving the price:

SEC Closed-Door Meeting (July 17): SEC is having a closed meeting with "resolution of litigation claims" on the agenda. Many suspect this indicates a potential settlement to the long-pending Ripple case, a legal overhang that has kept the growth under check for years.

Dubai Tokenization Deal: Ripple's joint venture with Ctrl Alt to tokenize $16 billion of real estate on the XRPL is also fueling the fire. This development indicates healthy institutional demand and real-world usage for the altcoin outside the U.S. market.

Technical Breakout: It has broken through the critical $3.00 resistance, causing bullish force. Historically, such moves tend to translate into instant price appreciation.

Community and Market Buzz

The XRP holders view this as their time. With regulatory certainty coming into view and the XRP ProShares ETF Launch bringing in institutional capital, most think altcoin's bull run has already started.

Traders are waiting closely for volume surges on the day before July 18, as most investors will look forward to this Exchange Traded Fund release. If Ripple succeeds in settling with the SEC or wins a friendly ruling, then this cryptocurrency may rise even further in the near term.

What's Next?

The next few days are crucial. If the XRP ProShares ETF Launch attracts the anticipated wave of attention, and the Ripple lawsuit concludes on a positive note, this token may enter a new realm. A price of around $17.80 is no longer a dream, it's an achievable goal.

Up until now, the eyes of all observers are fixed on July 18.