UXRP ETF Plummets Over 94% Since July Debut

The ProShares Ultra XRP ETF (UXRP), which aims to deliver twice the daily performance of the Bloomberg XRP Index, has plummeted over 94% since its debut in July 2025. As of early August 2026, the fund is trading near $10.30, down roughly 95.5% from its 52-week peak of $231.20.

Meanwhile, the underlying asset XRP is on the cusp of collapsing below $1, according to CoinGecko data. The fund's design, which resets its leverage every trading session, can cause it to diverge dramatically from the underlying asset in the long term, a phenomenon known as volatility drag or beta slippage.

Leveraged ETFs (LETFs) like UXRP are intended for short-term use and can be particularly damaging in choppy markets. Some investors hold such funds for extended periods, but this strategy is not supported by their design.