$XRP ETF Plunges Over 95% Since Debut

The ProShares Ultra $XRP ETF (UXRP) has seen its value plummet by over 95% since its debut in July 2025, trading at around $10.30 as of early August 2026.

This decline is largely due to the fund's design, which seeks to deliver twice the daily performance of the Bloomberg $XRP Index via derivatives.

The keyword here is 'daily', as UXRP resets its leverage every trading session, leading to potential divergence from the underlying asset in the long term.

This phenomenon is known as volatility drag or beta slippage, which causes leveraged ETFs like UXRP to lose value in choppy markets.