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Ripple’s market moves, including its RLUSD stablecoin launch, have added fuel to rumors surrounding BlackRock’s potential role in shaping the XRP ETF landscape. Grayscale’s remarkable growth adds a new layer of intrigue to the crypto narrative.
BlackRock Denies XRP ETF Rumors Amid Market Speculation
The head of BlackRock's exchange-traded fund (ETF) department, Jay Jacobs, has denied recent reports that the firm intends to apply to list XRP as an ETF. He said that not many people have heard of Bitcoin and Ethereum exchange-traded funds (ETFs), and that the firm is presently concentrating on increasing the reach of these two ETFs, Coingape reports.
According to Jacobs, BlackRock has no plans to apply for an exchange-traded fund (ETF) for XRP or any other cryptocurrency. With the hope of approval by the end of 2025, Bitwise, Canary Capital, 21Shares, and WisdomTree submitted proposals for the XRP ETF.
Ripple and SEC Developments Create Optimism for XRP ETF
In light of recent encouraging trends in the cryptocurrency market, BlackRock made the statement following speculation about the launch of an XRP exchange-traded fund. There was a lift to the attitude when SEC Chair Gary Gensler stepped down and Donald Trump formed an administration that is crypto-friendly.
The ETF Store's president, Nate Geraci, and Ripple CEO, Brad Garlinghouse, have maintained their upbeat stances on the launch despite BlackRock's decision to postpone the introduction of further crypto ETFs.
On the other hand, several investors have praised BlackRock's action. Launching a new ETF all at once will simply increase volatility, therefore it's preferable to take things slowly, as someone pointed out in the comments.
Grayscale XRP Trust Soars 300% as Whales Drive Price Rally
But new information shows that issuers and the cryptocurrency market might benefit greatly from the debut of the spot XRP ETF. According to Ki Young Ju, CEO and founder of CryptoQuant, "Whales" from Coinbase are the main force behind the recent XRP price increase. "Over the past 30 days, Coinbase’s minute-level price premium has ranged from 3% to 13%” amid the ongoing price rally," he stated.
Not only that, but Grayscale XRP Trust's return since May has been a solid 300%. Famous cryptocurrency trader Ben Armstrong, better known by his stage name "The BitBoy," recently stated that a big return indicates a "good sign" that an XRP ETF will soon be launched in the US market.
Ripple’s RLUSD Stablecoin Approval Sparks ETF Speculation
A regulated market for XRP will be created with the recent approval of Ripple's stablecoin RLUSD by NYDFS, which has fueled further speculation of an XRP exchange-traded fund. The price of Ripple's native cryptocurrency will likewise rise as a result of this.
The upcoming introduction of the RLUSD stablecoin and the Ripple vs. SEC litigation are the two major catalysts. The XRP index and reference rates were introduced by CME and CF Benchmarks. According to James Seyffart, an ETF analyst at Bloomberg, this might be a game-changer for the introduction of an XRP ETF.
XRP Price Consolidates After Massive Gains
The price of XRP has increased by 3% in the last 24 hours, and it is now trading at $2.43. Between $2.34 and $2.52, you can find the low and high for the past 24 hours. The cryptocurrency's price has increased by almost 400% in the past several weeks, and it is now settling into a consolidation pattern that could lead to an XRP rise to $5.
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