GraniteShares is set to launch two new 3x leveraged XRP exchange-traded funds (ETFs) on April 23, following a filing with the U.S. Securities and Exchange Commission. The ETFs, designed for short-term trading, include a 3x Long Daily XRP ETF and a 3x Short Daily XRP ETF, which aim to track 300% and -300% of XRP's daily price movements, respectively. These funds will not hold XRP directly but will use derivatives such as swaps, futures, and options to gain exposure. The launch, delayed multiple times, is now proceeding under Rule 485 of the Securities Act of 1933, allowing for changes in the effective date without restarting the registration process. The ETFs are expected to list on Nasdaq, with GraniteShares Advisors LLC as the investment advisor. The introduction of these high-leverage products could reshape institutional participation in cryptocurrency investments, despite the inherent risks of increased volatility and potential for significant losses.