ProShares is locked and loaded with three XRP futures ETFs, but the champagne needs to stay on ice a little longer.

Everyone thought April 30th was the magic date, but Bloomberg's ETF guru James Seyffart just threw cold water on that hype train.

The regulatory green light is in place, but the actual launch date remains uncertain – all positive news seems to come with an asterisk.

The ETF Lineup

ProShares isn't messing around with its XRP play and has decided to launch a whole arsenal of products.

We're getting the Ultra XRP ETF for the permabulls (2x leverage for when you're feeling extra bullish), the Short XRP ETF for the bears, and the Ultra Short ETF for those who really don’t think Ripple has it going on.

The SEC gave their tacit blessing, which is basically the regulatory Rubik's cube – not perfectly clear, but still a thumbs up.

Meanwhile, Teucrium already launched their XRP futures ETF with a measly $5 million in volume, but that's hardly the tsunami the XRP Army was hoping for.

The Real Prize

In the end, futures ETFs are just the appetizer before the main course.

The spot XRP ETF is what everyone's actually salivating over, and there's a line of heavyweights waiting at the SEC's door.

Grayscale, Franklin Templeton, Bitwise, 21Shares, and WisdomTree have all entered the fray, with decision deadlines looming in late May and October.

Noticeably absent? BlackRock and Fidelity are still playing hard to get, waiting to see if XRP gets the official "not a security" stamp before joining the party.

Ripple's legal victory in March opened the floodgates, and now we're just waiting to see how fast the water flows.

Brazil Already Did It

While the US is still sorting through paperwork, Brazil said "hold my caipirinha" and launched the world's first spot XRP exchange-traded fund (ETF).

Hashdex's XRPH11 is already trading on the B3 exchange, with at least 95% of its assets directly invested in XRP.

This is shaping up to be a roadmap for what could happen stateside once the regulatory theater comes to an end.

JPMorgan estimates that XRP ETFs could attract $4-8 billion, a figure that is typically conservative for the bank's crypto projections.

Good News For XRP Holders

The futures ETFs are nice, but they're training wheels compared to a spot ETF.

When (and if) spot XRP ETFs hit the market, the floodgates for institutional money swing wide open.

Late May is the first big deadline for several applications, with more in October – circle those dates in your calendar if you're holding.

May 1 and June 9 are also floating around as potential milestone dates, but in crypto, deadlines are more like suggestions anyway.

Ripping With Ripple

XRP is finally receiving the institutional validation that the XRP Army has been demanding for years.

The path from "security or not?" to a mainstream financial product is nearly complete.

We're watching XRP transform from the black sheep of crypto to something your financial advisor might recommend with a straight face.

For XRP holders, patience is finally being rewarded – just not on the timeline that Crypto Twitter promised.