GraniteShares Delays 3x XRP ETF Launch But Accumulation Continues

Key Insights

• GraniteShares delayed its 3x Long and Short XRP ETF launch to May 7 after filing a new amendment with the U.S. Securities and Exchange Commission.
• Whales accumulated roughly 11 million XRP daily in April, while mid-sized wallets hit a record 1.1 million.
• XRP price weakened near $1.40 despite sustained accumulation across institutional and retail segments.

GraniteShares postponed the launch of its leveraged XRP exchange-traded funds to May 7, 2026, according to a filing with the U.S. Securities and Exchange Commission. The delay affected its planned 3x Long and 3x Short XRP ETFs, which were initially expected to debut in late April.

The update arrived as XRP market data showed rising accumulation from large holders and retail wallets, even as price action weakened. The development placed XRP at the center of a mixed signal environment, where supply tightening contrasted with short-term demand slowdown.

GraniteShares Delays XRP ETF Launch to May

GraniteShares filed a post-effective amendment to its Form N-1A registration, setting May 7 as the new effective date for its leveraged XRP ETF products. The filing followed Rule 485, which allows issuers to adjust launch timelines without restarting the full approval process.

The delay applied not only to XRP products but also to other leveraged ETFs tied to Bitcoin, Ethereum, and Solana within the same filing batch. These funds aim to deliver 300% daily exposure using derivatives such as swaps and futures rather than holding underlying assets.

Regulatory review appeared to remain a key factor. Leveraged ETFs carry higher risk due to daily resets and compounding effects, which can lead to performance divergence over time. The SEC has historically applied closer scrutiny to such products.

GraniteShares also disclosed distribution rates across its YieldBOOST ETF suite, with SEMY reporting 129% and TSYY tied to Tesla showing 81.88%. These figures reflected aggressive yield strategies tied to volatility-based instruments rather than traditional income models.

Ripple News: Institutions, Whale and Retail Accumulating

Latest Ripple news suggested that while they delayed the XRP ETF, institutions, whales, and retail continued to buy XRP tokens. For instance, the largest outflow of XRP from centralized exchanges to custodial wallets since November 2025, occurred in February. Institutions moved more than 7 billion XRP, indicating accumulation.

Moreover, large holders have been adding an average of 11 million XRP per day since April started. Such an accumulation trend pushed the number of wallets holding 1K-100K XRP to a new all-time high. More than 1.1 million wallets held XRP tokens valued between $1.4K and $140K.

According to the data, XRP’s available tokens in the market have shrunk immensely this year. The shrinking indicated a supply squeeze was coming, which is bullish for XRP and its products. Similarly, a significant number of holders had positioned themselves for the long term.

Will the XRP ETF Delay Lead To More Downside?

The delay in the XRP ETF launch likely negatively impacted price action. The price of XRP fell from $1.46 to around $1.40 after the news but has since started recovery.

The trading volume remained very low, though it was on the buy side. Additionally, the Open Interest (OI) fell by about $11 million, from around $288 million to $277 million. The data indicated buying interest from bulls had reduced following the delay.

The Net Positions data showed that people were buying less. The indicator went from about 39 million to 29 million. This meant about 10 million XRP tokens were sold in the Futures market.

Looking forward, the altcoin may trade back to $1.46 or higher if bulls return. Otherwise, the weakness may prevail this week, resulting in price decline if the $1.40 level does not hold.

In summary, the price decline in XRP over the past 24 hours was driven by the delay in the XRP ETF. However, the consistent accumulation from market participants helped reduce the magnitude of the price drop.

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