On Tuesday, October 7, GraniteShares filed with the U.S. Securities and Exchange Commission (SEC) for a 3x XRP ETF. This will allow investors to take bigger leverage long and leveraged short bets for greater exposure. Pro-XRP lawyer Bill Morgan believes that this will trigger panic buying for XRP moving ahead. XRP price has been currently trading at the crucial support at $2.85, with analysts seeing potential upside.
Citing a strong demand for the 2x leveraged XRP ETF from ProShares and Teucrium, GraniteShares filed for a 3x XRP ETF. This development comes as the US SEC has to decide on six Ripple ETF applications this month, in October.
GraniteShares will introduce both long and short leveraged ETFs for all four cryptocurrencies, offering traders 3x the daily performance of the underlying assets. The proposed products would carry significantly higher risk-reward profiles compared to the currently available 2x leveraged funds.
Following this development, pro-XRP lawyer Bill Morgan stated: “I will continue panic buying XRP in the face of this terrible XRP ETF demand”. In recent times, the Ripple cryptocurrency has emerged as the most sought-after asset for leveraged crypto products, driven by robust retail investor demand.
Despite the uncertainty in SEC conditions, the 2x XRP ETFs have already attracted over $300 million in net inflows, underscoring sustained market interest. Data shows that the Teucrium 2x XRP ETF (XXRP) has accumulated over $440 million in assets since its launch in August 2025. Similarly, the newly launched REX-Osprey XRP ETF (XRPR) has already gathered more than $87 million in assets under management in less than three weeks.
Amid the broader crypto market sell-off, the XRP price has been facing selling pressure and is testing an important support at $2.85 levels, after 4.5% drop last week.
Popular trader Peter Brandt said that if XRP loses the crucial support at $2.68, it can further slide to $2.2. So far, the bulls have managed to stay above these levels; however, they have been struggling to move past $3.0.
Blockchain analytics firm Santiment reported that XRP is experiencing its highest level of retail fear since the announcement of U.S. tariff measures six months ago. The firm noted that bearish commentary has outnumbered bullish sentiment on two of the past three days.
According to Santiment, markets often move contrary to retail trader expectations. This suggests that the recent spike in negative sentiment could precede a rebound in XRP’s price.
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