The Head of BlackRock’s ETF Division has clarified that the agency has no plans to launch an XRP ETF, addressing the false information surrounding the matter.
Regardless of the absence of an XRP Trade-Traded-Fund from BlackRock, there’s a rising curiosity amongst a number of asset managers like 21 Shares and Bitwise.
Jay Jacobs, the Head of BlackRock’s ETF Division, has made it clear that the famend funding agency at present has no plans to launch an XRP exchange-traded fund (ETF). This clarification got here after a wave of hypothesis final 12 months when a submitting in Delaware advised that BlackRock was launching an XRP ETF, which a number of media retailers, together with The Block, broadly reported.
In his current statements, Jacobs emphasised that BlackRock’s present focus is on its spot Bitcoin and Ethereum ETFs, which they launched early this 12 months, fairly than extending comparable choices to different altcoins like XRP. One notable concern is the SEC’s lawsuit in opposition to Ripple Labs, the mother or father firm of XRP, which has created uncertainty across the asset’s regulatory standing, making it difficult for institutional traders to totally have interaction with XRP as they may with extra established digital currencies.
This incident isn’t information within the crypto world, the place rumors about non-existent ETFs have circulated earlier than. A notable instance occurred in April 2021 when a person impersonated Grayscale to file a faux software regarding two cryptocurrency tasks, Nahmii and Theta.
Hope for XRP ETFs Grows Regardless of SEC Lawsuit
Regardless of the present lack of an XRP ETF from BlackRock, a number of asset managers, together with Bitwise, Canary Capital, 21Shares, and WisdomTree, have submitted particular person purposes to the Securities and Trade Fee (SEC), searching for to launch XRP ETFs in america. Analysts counsel that if XRP’s ETF is authorized, it may propel Ripple’s value to a brand new ATH, doubtlessly approaching the $5 mark.
As we reported, the renewed hope stems from Donald Trump’s win within the elections, a vocal supporter of the cryptocurrency area, who has appointed a pro-crypto SEC chairman, Paul Atkins. This transfer may facilitate a good choice concerning the XRP ETF in 2025. Moreover, this positivity is additional heightened by Ripple’s imminent launch of the RLUSD stablecoin, which has contributed to current positive factors within the XRP market. Within the wake of false info, XRP skilled a speedy surge of roughly 15%, rising from $0.6516 to a four-month excessive of $0.7487 in simply two hours. Nonetheless, this spike was short-lived.
Notably, XRP has witnessed a formidable enhance of 250% over the previous month, with open curiosity in XRP futures climbing to almost $3.99 billion, nearly double in only one month. At press time, XRP traded at $2.4, reflecting a 3.50% enhance within the final 24 hours. Furthermore, XRP’s buying and selling quantity has risen by 11.88%, surpassing $10 billion in coin transactions over the identical interval.
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