GraniteShares, an independent exchange-traded fund (ETF) issuer, submitted a Form N-1A filing with the U.S. Securities and Exchange Commission (SEC) on April 15, outlining its new leveraged $XRPETFs, with the launch now targeted for April 23.

The two products, a 3x long daily $XRPETF and a 3x short daily $XRPETF, have reportedly been in development since 2025, and the expected launch date largely coincides with record institutional interest this year.

It is notable, however, that the date had already been pushed back several times, first to April 2, then April 9, and finally April 16. The new delay was executed under Rule 485 of the Securities Act of 1933, which allows issuers to shift an effective date without restarting the registration process.

In other words, the funds have not been rejected, and the $XRPETF filings remain live under GraniteShares, but reviews and internal processes are still ongoing. The new funds are expected to list on the NASDAQ.

New 3x leveraged $XRPETFs

The new funds are structured as short-term trading instruments, aimed at active investors who intend to monitor positions closely.

Rather than holding $XRPdirectly, each fund will gain exposure through derivatives, including swaps, futures, and options.

The 3x Long $XRPETF is designed to deliver 300% of the cryptocurrency’s daily price movement, while the 3x Short $XRPETF targets -300%. All positions will be settled in cash.

GraniteShares Advisors LLC will act as the investment adviser, with Jeff Klearman and Ryan Dofflemeyer serving as portfolio managers.

The risk of high-leverage crypto products

Competing products, such as those by Teucrium, have already demonstrated strong demand for leveraged $XRPfunds. However, GraniteShares’ proposed 3x structure would go further, offering higher leverage than existing 2x products.

Moreover, a 3x leveraged $XRPETF would introduce a new layer of institutional-grade exposure. That is, a higher-leverage offering could further amplify demand dynamics and reshape how institutional capital engages with the cryptocurrency.

It’s also noteworthy that leveraged options introduce additional factors that contribute to market complexity. That includes path dependency and heightened volatility, especially in assets prone to sharp intraday swings. For example, a single-day move of more than 33% against the position could effectively wipe out the entire investment.

The institutional era of $XRPETF has begun, Ripple says

$XRPhas become one of the most actively traded digital assets. Indeed, U.S. Spot $XRPETFs have recorded approximately $1.27 billion in cumulative inflows since their launch in November 2025.

In other words, GraniteShares leveraged $XRPETFs are entering an already competitive market. Nonetheless, Ripple itself believes the market is still young and has significant room to expand. In a recent overview, the company noted that JPMorgan forecasts of $4 billion to $8.4 billion in first-year inflows have yet to be tested in a full bull cycle, where institutional allocations typically accelerate as market conditions improve.

Meanwhile, the $XRPLedger continues to advance its technical roadmap into 2026. Developments such as confidential multi-purpose tokens for institutional collateral management and formal protocol verification are strengthening the asset’s institutional use case.

Accordingly, Ripple argues that $XRP’s position in institutional finance is already stable, implying that GraniteShares could mark another step in the evolution of crypto-linked financial products.

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