XRP ETF Speculation Heats Up Amid Industry Buzz But BlackRock Backs Off
The crypto market is abuzz with speculation around a potential XRP ETF launch, fueled by a string of positive developments. These include the approval of Ripple's new RLUSD stablecoin, ongoing ETF filings by major players, and the anticipated departure of SEC Chair Gary Gensler. However, despite the momentum, BlackRock has officially dismissed any intentions to file for an XRP ETF or any other altcoin, for that matter.
BlackRock Clarifies: No XRP ETF Plans
Jay Jacobs, Head of BlackRock’s ETF division, has set the record straight: there are no plans to launch an XRP ETF, nor is the firm eyeing any altcoin ETF products in the near future. Jacobs noted that even the recently approved Bitcoin and Ethereum spot ETFs are still in early adoption phases, and BlackRock will prioritize growing their reach before exploring new assets.
This stance from BlackRock—the $12 trillion asset management giant that led the charge for Bitcoin and Ethereum ETFs sparked heated discussion in the crypto community. Many were expecting the firm to expand its ETF portfolio after the successful launch of the two most prominent crypto assets.
Meanwhile, companies like Bitwise, 21Shares, WisdomTree, and Canary Capital are already in line with XRP ETF applications pending, some anticipating approval as early as late 2025.
Ripple of Optimism: Industry Experts Still Bullish on XRP ETF
Despite BlackRock’s hesitation, industry leaders remain confident that an XRP ETF launch is inevitable. Ripple CEO Brad Garlinghouse and Nate Geraci, president of The ETF Store, have both expressed optimism that it's only a matter of time before an XRP fund enters the market.
Interestingly, not everyone sees BlackRock’s cautious approach as a negative. Some investors appreciate the “slow and steady” strategy, suggesting that rushing into altcoin ETFs could heighten market volatility.
Yet, on-chain data tells a bullish story. According to CryptoQuant CEO Ki Young Ju, large investors, particularly Coinbase whales are driving strong demand for XRP. Over the past 30 days, Coinbase's price premium on XRP has ranged from 3% to 13%, indicating elevated investor activity.
Additionally, the Grayscale XRP Trust has soared by 300% since May, drawing attention from influential figures like crypto analyst Ben Armstrong, aka “BitBoy,” who believes this could be an early indicator of an XRP ETF approval in the U.S.
RLUSD Stablecoin Sparks XRP ETF Momentum
Adding fuel to the fire, the New York Department of Financial Services (NYDFS) recently approved Ripple’s USD-backed stablecoin, RLUSD. This move could lay the groundwork for a regulated XRP market, making the asset more ETF-ready than ever before.
CME and CF Benchmarks have also joined the effort by launching XRP reference rates and indexes, key infrastructure components that could support the formation of a legitimate XRP ETF.
Bloomberg ETF analyst James Seyffart labeled these developments as “critical catalysts” for XRP ETF consideration, reinforcing the sense that the market is nearing a tipping point.
XRP Price Gearing Up for a Breakout
At the time of writing, XRP is trading at $2.43, marking a 3% jump in the last 24 hours. The day’s low and high sit at $2.34 and $2.52, respectively. Over recent weeks, XRP has climbed over 400%, with prices consolidating near key resistance levels. Analysts predict that if bullish momentum continues, XRP could rally toward the $5 mark in the near term.
While BlackRock's XRP ETF denial has tempered short-term expectations, the bigger picture remains bullish. With RLUSD’s launch, increased whale activity, and rising institutional interest, XRP may soon find itself at the center of the next big ETF approval wave.
Stay tuned the race to launch the first XRP ETF is far from over.
