Speculative decoding (SD) has emerged as a method to accelerate LLM inference without sacrificing any accuracy over the 16-bit model inference. In a typical SD setup, the idea is to use a full-precision, small, fast model as "draft" to generate the next few tokens and use the "target" large model to verify the draft-generated tokens. The efficacy of this method heavily relies on the acceptance ratio of the draft-generated tokens and the relative token throughput of the draft versus the target model. Nevertheless, an efficient SD pipeline requires pre-training and aligning the draft model to the target model, making it impractical for LLM inference in a plug-and-play fashion. In this work, we propose using MXFP4 models as drafts in a plug-and-play fashion since the MXFP4 Weight-Only-Quantization (WOQ) merely direct-casts the BF16 target model weights to MXFP4. In practice, our plug-and-play solution gives speedups up to 2x over the BF16 baseline. Then we pursue an opportunity for further acceleration: the MXFP4 draft token generation itself can be accelerated via speculative decoding by using yet another smaller draft. We call our method ML-SpecQD: Multi-Level Speculative Decoding with Quantized Drafts since it recursively applies speculation for accelerating the draft-token generation. Combining Multi-Level Speculative Decoding with MXFP4 Quantized Drafts we outperform state-of-the-art speculative decoding, yielding speedups up to 2.72x over the BF16 baseline.