UXRP Plunges Over 95% as XRP Market Weakens

The ProShares Ultra XRP ETF (UXRP) has seen a significant decline of over 95% since its launch in July 2025, outpacing the drop in XRP's own price. The fund, designed to deliver double the daily performance of the Bloomberg XRP Index, has struggled to keep pace with XRP's volatility.

This divergence is due to a phenomenon known as volatility drag or beta slippage, where leveraged ETFs like UXRP lose ground in unsettled or sideways trading conditions. The ETF's leverage resets at the end of each trading day, which can lead to long-term performance diverging sharply from the underlying cryptocurrency.

Spot XRP ETFs have also suffered throughout 2026, with losses exceeding 40% for all major players. Despite this, some investors remain optimistic and continue to attract modest inflows in anticipation of a market rebound.