The ProShares Ultra XRP ETF has lost more than 94% of its value since its July 2025 launch, trading near $10.30 against a 52-week high of $231.20. XRP itself is on the cusp of collapsing below $1, while spot ETFs from Bitwise and Canary Capital are both down more than 40% this year.
The ProShares Ultra XRP ETF (UXRP) trades near $10.30, down roughly 95.5% from its 52-week peak of $231.20. The leveraged fund has lost more than 94% of its value since its July 2025 launch.
XRP itself is on the cusp of collapsing below $1, according to CoinGecko data.
UXRP seeks to deliver twice the daily performance of the Bloomberg XRP Index through derivatives that reset every trading session. That daily reset means the fund's long-term returns can diverge sharply from XRP's own moves, a pattern known as volatility drag, or beta slippage, which erodes leveraged funds in choppy markets.
Even so, a subculture of retail and quantitative traders holds leveraged funds like TQQQ and UPRO for years rather than trading them daily. One investor who held TQQQ from 2010 to 2021 saw gains exceeding 10,000%.
Spot XRP ETFs launched in late 2025 and drew $1.5 billion in cumulative initial inflows from investors seeking regulated XRP exposure without managing wallets or private keys. XRP's prolonged correction has since pushed every leading spot product to year-to-date losses exceeding 40%.
The Bitwise XRP ETF holds about $304 million in assets after falling roughly 43.2% year-to-date. Canary Capital's XRPC has dropped about 40.4% to near $248.9 million in assets. Despite the declines, spot ETFs continue to see modest inflows.
Source: U.Today
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