The recently launched first XRP ETF in the U.S. market, introduced by asset manager Teucrium, achieved a remarkable turnover on its first trading day.

Specifically, Teucrium’s 2x XRP ETF, trading under the ticker XXRP, recorded an impressive $5.43 million turnover on its debut on April 8.

Bloomberg Senior ETF Analyst Eric Balchunas highlighted this achievement in a tweet. He described the feat as “very respectable,” especially considering the prevailing bearish sentiment in the market.

Notably, on Monday, XRP’s price dipped to $1.64, its lowest in five months. While the price rebounded to over $1.96 on Tuesday, it dropped again to $1.73 by the evening.

Despite the bearish conditions for XRP, Teucrium saw an opportunity and launched the 2x leveraged XRP ETF to capitalize on the market. Remarkably enough, the downturn did not deter its turnover, as the ETF’s trading volume surpassed that of a similar product for Solana.

XRP 2x ETF Beats Solana’s 

According to Balchunas, XXRP’s $5.43 million turnover was roughly four times the volume of Solana’s 2x ETF on its first day. He also noted that XXRP’s turnover places it in the top 5% of new ETF launches.

However, despite the impressive start, the volume is still 200 times smaller than the debut volume of BlackRock’s Bitcoin ETF.

Meanwhile, the debut of the XRP 2x ETF has garnered admiration from the community, especially in light of the brutal market conditions, where 137,000 traders faced liquidation, with over $413 million in losses in the last 24 hours.

Market participants are now watching to see if the XRP ETF can sustain this impressive volume going forward.

On the other hand, some XRP enthusiasts have argued that while XXRP’s volume significantly lagged behind BlackRock’s IBIT, they believe that BlackRock’s Bitcoin ETF could face better competition from a potential IXRP ETF.

Notably, BlackRock has yet to express interest in launching an XRP ETF. This is despite a flurry of other asset managers, including Grayscale and Franklin Templeton, submitting applications for XRP ETFs.

Clarifications about XXRP

It is worth noting that Teucrium’s XXRP ETF does not invest directly in XRP, unlike spot ETFs, over 10 of which are currently under the SEC’s review.

Instead, XXRP delivers twice the daily performance of XRP, amplifying both its daily gains and losses for investors.

In a commentary, community figure Crypto Eri emphasized the risks of the ETF, particularly its volatility. Even with a flat XRP price, high volatility could lead to significant losses. For example, 25% volatility could result in a 6.1% loss, while 75% volatility could cause a 43% loss.