In its updated filing, ProShares, a prominent issuer of exchange-traded funds, has revealed that it has chosen April 30 as the target date for the launch of its futures-based XRP ETF. 

This is a strong indicator that the product is ready for launch, but there is no guarantee that it will start trading by that specific date. 

ProShares originally filed its prospectus for the product in January. The proposed ETF is based on XRP futures contracts and swap agreements, meaning that it will not invest in the token directly. 

The futures-based ETF is a major stepping stone toward the eventual launch of a spot-based XRP ETF. 

ProShares, of course, made waves back in 2021 with its debut of the very first futures-based Bitcoin ETF (BITO). The launch of ETF was a tremendous success, but it was rather front-loaded. As reported by U.Today, Anthony Scaramucci of SkyBridge Capital has criticized the previous SEC administration for failing to approve a spot Bitcoin ETF right away. It took more than two years for such a product to finally launch in early 2024 to great fanfare. 

When it comes to XRP, the gap between a futures-based ETF and a spot-based one is expected to be much smaller. Polymarket bettors still see the approval of a spot-based XRP ETF happening as soon as this year. There are more than a dozen pending filings, including the one from Franklin Tempeton. 

"I simply don’t see this SEC not approving spot XRP ETF. And sooner, rather than later," analyst Nate Geraci said on social media. 

According to Kaiko, XRP has now raced ahead of Solana in the spot ETF race due to its growing market depth and the successful debut of Teucrium's leveraged XRP ETF.