Key Takeaways
- There were rumors that BlackRock has filed for an XRP ETF, which the company has firmly denied.
- Documents were surfacing claiming the filing of XRP ETFs. The company representative clarified that they were previous ETF filings of Bitcoin and Ethereum.
- The false claim of XRP ETFs surges the value of XRP by 10%. This was settled back to its original value of $0.65.
- Jay Jacobs, the ETF head of BlackRock has confirmed that BlackRock is focusing on the Bitcoin and Ethereum ETFs.
- As per reports, the ETFs of Bitcoin and Ethereum have reached a fraction of BlackRock customers. Hence the organization is working on the expansion to a wider audience.
The crypto community has been under speculation regarding the launch of the XRP-based exchange-traded fund by the world’s largest asset management company, BlackRock. However, the rumors have been denied by the organization.
They have reconfirmed their commitment towards Bitcoin and Ethereum’s ETFs as their major focus. BlackRock has firmly dismissed the rumors. Documents surfaced claiming the XRP ETF by BlackRock, but this was denied by the company representative stating that this was the previous filings of Bitcoin and Ethereum ETFs.
They clarified that this was not submitted by the company. This false claim of filing has increased the price of XRP. It surged by 10% before settling back to the initial level of around $0.65.
Rumors Regarding XRP ETFs: What You Need to Know?
As per the reports on X( previously known as X), BlackRock was planning to include ETFs of XRP. These rumors were confirmed and denied by the organization. Jay Jacobs, the ETF head of BlackRock has firmly stated that the organization is focusing on the Bitcoin and Ethereum ETFs.
These are still in the initial stages among the client base. The immediate goal of the firm is to expand these offerings to a border community. This leaves no room for the XRP ETFs. He stated that currently, Bitcoin and Ethereum ETFs have reached a fraction of BlackRock customers. Hence they are working on its expansion to a wider audience rather than introducing new altcoin ETFs.
Currently, BlackRock is focusing on Bitcoin and Ethereum ETFs. As per the reports, they do not have any plan to focus on altcoin ETFs, which include XRP. The approach is to expand the already existing products and then reach out for new altcoins.
The interest surrounding the XRP ETF was escalated by the fraudulent filing falsely attributed to BlackRock. BlackRock firmly dismissed the filing and reconfirmed its stand against pursuing XRP ETF.
While BlackRock has distanced itself from the XRP ETFs, there are other firms wishing to pursue the XRP ETF. Wisdom Tree has recently filed for its spot at XRP ETF. Bitwise, Canasy Capital, and 21Shares are also exploring their opportunity to be a part of this initiative. This showcases the interest in the altcoin ETFs.
The U.S. Security Exchange Commission (SEC) is anticipated to make crucial decisions on altcoin ETFs. This includes XRP and SOL, by the end of 2025. The timeframe indicates that there are chances for EFT development.
XRP ledger has a significant transfer of 99 million XRP, which is valued approximately $234.4 million, according to Whale Alert. The transfer has happened between two unidentified wallets. Further analysis of this wallet confirmed that this was done by Ripple. It is a blockchain firm behind XRP. The second wallet was Bitgo, which is a custodial platform for financial institutions, based in the United States.
The transaction indicates that the project is moving towards significant steps. For the XRP investors, the current price rally can be exciting for the future. The rumors have been beneficial for XRP. It has witnessed a price increase of 22.8% over the past week. The current trading is $2.36. The whale movement of Ripple and the price surge of XRP show the growing interest in altcoins.
The XRP ETF decision of BlackRock has disappointed some investors, but this showcases the importance of regulatory framework within the crypto landscape. The focus of the crypto community is on the rules and regulations within the crypto market. The SEC’s future rules are essential for the future of the crypto industry and the project.
