The ProShares Ultra XRP ETF Has Dropped 95 Percent

The ProShares Ultra XRP ETF has struggled since its market debut in July 2025. Data shows the fund has lost more than 94 percent of its value in just a few months. This performance has caught the attention of traders who expected more stability from an institutional product tied to the digital asset.

Leveraged products often carry high risks because they aim to multiply daily price moves. When an underlying asset remains volatile or moves against the fund strategy, the losses for investors can accumulate quickly. This specific fund was designed to amplify the performance of XRP, which clearly failed to benefit holders during this specific period.

Market participants are now watching how this drawdown impacts the appetite for future crypto exchange traded funds. Traders should be cautious when dealing with leveraged products because they behave differently than holding the actual coin. For now, the significant drop remains a clear warning about the risks associated with complex financial instruments in the crypto space.