Positive developments including the XRP ETF filing, SEC Chairman Gary Gensler's resignation, and the RLUSD stablecoin have continued to fuel speculation about the launch of an XRP ETF.
However, BlackRock has no plans to file for an ETF for XRP or any other altcoins, Jay Jacobs, head of BlackRock's ETF business, revealed.
This has sparked a major debate in the cryptocurrency community, as the $12 trillion asset management firm was a key driver behind the approval of Spot Bitcoin and Ethereum ETFs.
BlackRock's XPP ETF Plans Not Materialized
Jay Jacobs, head of BlackRock's ETF business, has dismissed recent rumors surrounding the company's plans to file for an XRP ETF.
He stated that even Bitcoin and Ethereum ETFs have only reached a limited audience, and the company will focus on expanding the reach of these two ETFs.
Jacobs confirmed that BlackRock has no plans to file for an ETF for XRP or any other altcoins.
Bitwise, Canary Capital, 21Shares, and WisdomTree have filed for XRP ETFs, with the expectation of approval by the end of 2025.
BlackRock's comments came after rumors circulated about an upcoming XRP ETF launch, amid recent positive developments in the cryptocurrency industry.
The building of a crypto-friendly administration under Donald Trump and SEC Chairman Gary Gensler's resignation have fueled this sentiment.
Rumors are circulating that BlackRock is planning to file for an $XRP ETF application.
If that happens, it will bring a shit ton of liquidity to the crypto market.
— Lark Davis (@TheCryptoLark) December 13, 2024
Experts Believe XRP ETF is Imminent
While BlackRock has decided to delay further cryptocurrency ETFs, experts like Ripple CEO Brad Garlinghouse and The ETF Store President Nate Geraci remain optimistic about the launch.
Conversely, BlackRock's decision has been well-received by some investors. According to a comment, a step-by-step approach would be better than launching a new ETF too soon, as that would only exacerbate volatility.
However, recent data suggests that the launch of a Spot XRP ETF could be significant for issuers and the cryptocurrency market.
CryptoQuant founder and CEO Ki Young Ju revealed that Coinbase whales have primarily driven the recent XRP price surge.
He stated:
"Over the past 30 days, Coinbase's minute-level price spread has ranged from 3% to 13%" amid the price increase.
Furthermore, the Grayscale XRP Trust has recorded a strong 300% return since May. A prominent figure in the cryptocurrency market, Ben Armstrong, also known as "The BitBoy," declared that the strong returns are a "good sign" indicating the potential launch of a US-based XRP ETF in the near future.
XRP Price Ready to Surge After RLUSD Stablecoin Launch
The recent NYDFS approval of Ripple's RLUSD stablecoin has further fueled speculation about an XRP exchange-traded fund, as it will help create a regulated market for XRP. This is also expected to trigger a surge in the price of Ripple's native cryptocurrency.
The launch of the RLUSD stablecoin is a significant upcoming catalyst, along with the Ripple vs. SEC lawsuit. CME and CF Benchmarks have launched reference rates and indices for XRP.
Bloomberg ETF analyst James Seyffart believes these are the primary catalysts for a potential XRP ETF launch.
XRP price has increased by 3% in the past 24 hours, currently trading at $2.43. The 24-hour low and high are $2.34 and $2.52, respectively.
The cryptocurrency has surged over 400% in recent weeks, with the current price consolidating for a potential XRP price rally to $5.
