Key Takeaways
(P1) GraniteShares has pushed back the launch of its 3x Long and 3x Short XRP exchange-traded funds to May 7, marking the fifth delay in three weeks as the products undergo review by the U.S. Securities and Exchange Commission. (P2) "The amendment GraniteShares filed uses Rule 485, a mechanism that lets issuers move launch dates without restarting the full approval process," a person familiar with the matter said. The filing indicates the review is ongoing without a fundamental change to the products. (P3) The delay affects all eight of GraniteShares' proposed 3x leveraged crypto funds, including products for Bitcoin, Ethereum, and Solana, pointing to regulatory focus on the 3x structure itself. While the delay is a near-term bearish signal, XRP’s price remained range-bound, slipping 2.5% to $1.42 after failing to break resistance near $1.44, according to CoinGecko data. (P4) The market is now focused on the May 7 deadline. A successful launch would frame the repeated delays as procedural, but a sixth postponement could signal the SEC is poised to block the ETFs, echoing its actions against similar products in 2025.
The core issue for the GraniteShares ETFs is the SEC's apparent hesitance regarding high-leverage crypto products. In December 2025, the regulator sent letters to ProShares, Direxion, and Tidal Financial questioning their filings for 3x leveraged crypto ETFs. The SEC cited Rule 18f-4, which limits fund leverage to 200% and presents a direct challenge to any 3x product. In response to the SEC's pushback, ProShares withdrew its entire lineup of proposed 3x crypto funds, which included a 3x XRP ETF functionally identical to the one GraniteShares is now attempting to launch. This history suggests the current delays may be more than just routine procedure.
If approved, the ETFs would provide retail traders with access to 3x daily leveraged long and short positions on XRP through standard brokerage accounts. The 3x Short XRP ETF would be particularly significant, offering the first simple, regulated way for U.S. retail investors to short the token with high leverage. The funds would use swaps and futures contracts to achieve their exposure, without holding any physical XRP. For now, the delay removes a speculative catalyst from the market. XRP continues to trade within a tight range between support at $1.40 and resistance at $1.44. Other potential market-moving events, including the CLARITY Act's progression in the Senate and the upcoming FOMC meeting, are now more likely to influence XRP's price before the new May 7 ETF deadline.
This article is for informational purposes only and does not constitute investment advice.
