Multiple positive developments including XRP ETF filings, SEC Chair Gary Gensler stepping down and RLUSD stablecoin have further fueled XRP ETF launch speculations. However, BlackRock has no plans to file an ETF application for XRP or any other altcoins, disclosed BlackRock‘s ETF department head Jay Jacobs.
This has sparked a major debate in the crypto community as the $12 trillion asset manager was the leading force behind spot Bitcoin and Ethereum ETF approvals.
BlackRock XPP ETF Plans Off Table
Jay Jacobs, head of BlackRock’s ETF department, turned down recent rumors surrounding the company’s plan to file an XRP ETF application. He said that even Bitcoin and Ethereum ETFs have only reached a few people yet, and the company will focus on expanding the coverage of these two types of ETFs currently.
Jacobs confirmed that BlackRock is not planning to file an ETF application for XRP or any other altcoins. Bitwise, Canary Capital, 21Shares, and WisdomTree filed applications for XRP ETF, with expectations of approval by the end of 2025.
The comment from BlackRock came after rumors of an imminent XRP exchange-traded fund amid recent positive developments in the crypto industry. Donald Trump’s building a crypto-friendly administration and SEC Chair Gary Gensler stepping down boosted the 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 Launch Is Imminent
While BlackRock has decided to delay further Crypto ETFs, experts such as Ripple CEO Brad Garlinghouse and The ETF Store president Nate Geraci have remained bullish on the launch.
Contrarily, BlackRock’s decision has received appreciation from some investors. As per a comment, a step-by-step approach is better than launching a new ETF too soon as it will only worsen volatility.
However, recent data suggests that spot XRP ETF launch could be significant for issuers and the crypto market. CryptoQuant founder and CEO Ki Young Ju revealed that Coinbase whales are primarily driving the XRP rally. He said “Over the past 30 days, Coinbase’s minute-level price premium has ranged from 3% to 13%” amid the ongoing price rally.”
Moreover, Grayscale XRP Trust has recorded a robust 300% return since May. Prominent crypto market figure Ben Armstrong, aka “The BitBoy”, claimed robust return is a “good sign” of a potential XRP ETF launch in the US soon.
XRP Price Ready to Rally After RLUSD Stablecoin Launch
The recent approval of Ripple’s stablecoin RLUSD by NYDFS sparked further speculation on an XRP exchange-traded fund as it will help create a regulated market for XRP. This will also trigger a rally in Ripple’s native crypto price.
The RLUSD stablecoin launch is the big catalyst coming up, along with Ripple vs SEC lawsuit. CME and CF Benchmarks launched the reference rates and index for XRP. Bloomberg ETF analyst James Seyffart argued it is a major catalyst for a potential XRP ETF launch.
XRP price jumped 3% in the past 24 hours, with the price currently trading at $2.43. The 24-hour low and high are $2.34 and $2.52, respectively. The crypto has rallied more than 400% in recent weeks, with the price consolidating currently for a potential XRP rally to $5.
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