BlackRock Rejects XRP ETF Noise: Focusing on Bitcoin for Now

Despite XRP’s strong growth and legal wins, BlackRock pours cold water on rumors, delaying hopes for an XRP ETF.

Robot closed of outside of black rock sees XRP with no one around.
Created by Kornelija Poderskytė from DailyCoin
  • BlackRock’s backing of an XRP ETF, hinted by Larry Fink’s remarks, had stirred excitement in the crypto community.
  • Despite the initial speculation, BlackRock has officially squashed the rumors.
  • Legal victories and analyst projections have painted a captivating narrative for XRP’s future.

Whispers of a BlackRock-backed XRP ETF recently sent ripples of excitement through the crypto community. Fueled by CEO Larry Fink’s cryptic comments, speculation ran rampant about the world’s largest asset manager finally dipping its toes into the XRP pond. 

No XRP ETF on the Horizon

However, reality has poured cold water on these hot rumors. BlackRock has officially confirmed that it has no immediate plans to launch a spot XRP ETF. This news might disappoint some XRP enthusiasts, especially considering the cryptocurrency’s recent growth. 

Sponsored

XRP surpassed 5 million wallets on its network, boasted vibrant transaction volumes, and witnessed a price surge of nearly 65% over the past year. 

Additionally, legal victories against the SEC, with Judge Analise Torres deeming XRP not a security for retail buyers, paved the way for increased institutional adoption. However, for now, BlackRock seems content to focus on its existing Bitcoin and Ethereum offerings. 

Its iShares Bitcoin Trust and iShares Ethereum Trust have already carved a niche in the burgeoning ETF market, offering investors regulated exposure to these leading cryptocurrencies. 

XRP Future Remains Bright

Additionally, the ongoing regulatory ambiguity surrounding XRP likely remains a significant hurdle for BlackRock, a company known for its conservative approach.

Sponsored

Despite the dashed hopes of an XRP ETF shortly, the cryptocurrency’s fundamentals remain intriguing. Analyst projections of a potential $27 price point paint a bullish picture for long-term holders. 

XRP’s continued network growth, robust transaction activity, and legal progress paint a compelling narrative for its future in cryptocurrency. While BlackRock may be holding off for now, XRP’s story is far from over.

On the Flipside

  • BlackRock’s decision to steer clear of an XRP ETF aligns with an industry-wide trend of regulatory caution.
  • BlackRock, renowned for its conservative investment strategies, may view the XRP market trajectory as too unknown.
  • While recent legal victories have favored XRP, the regulatory landscape remains uncertain.

Why This Matters

While BlackRock’s decision might sting, XRP’s future is far from written. Its strong network, legal tailwinds, and potential for real-world use cases provide a solid foundation. However, navigating the regulatory landscape and adapting to the ever-evolving crypto market will be crucial for XRP’s continued success.

To learn more about the mysterious disappearance of 13 days’ worth of BTC and BlackRock’s potential involvement, read here:
13 Days’ Worth of BTC Disappears as BlackRock Drains Supply

To understand why BlackRock and Fidelity are dominating Bitcoin ETF inflows with a staggering $1 billion influx in just two days, read here:
BlackRock & Fidelity Top Bitcoin ETF Inflow: $1B in Two Days

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.