Volatility Shares has launched the first U.S.-listed XRP futures exchange-traded fund (ETF), trading under the ticker XRPI, on the Nasdaq as of May 22, 2025. The ETF allows investors to access XRP price movements through futures contracts without directly owning the cryptocurrency. XRPI invests at least 80% of its net assets in XRP-related instruments, including futures contracts and other XRP-linked ETPs, through a wholly-owned Cayman Islands subsidiary. The fund carries a net expense ratio of 0.94% and has attracted $121 million in assets under management. The launch follows the debut of XRP futures on the Chicago Mercantile Exchange (CME) on May 19, 2025, with over $19 million in notional trading volume on its first day. CME's cash-settled contracts are benchmarked to the CME CF XRP-Dollar Reference Rate. Volatility Shares plans to introduce a 2x leveraged XRP futures ETF. Vermont-based Teucrium Investment Advisors previously launched a 2x leveraged XRP futures ETF (XXRP) in April 2025, which has $120 million in assets under management and trades $35 million daily. Multiple spot XRP ETF applications, including one from Franklin Templeton, are under SEC review, with a decision deadline of June 17, 2025. As of May 22, 2025, XRP is trading at approximately $2.35, with a market capitalization of $137.5 billion, making it the fourth-largest cryptocurrency.