BlackRock: No XRP ETF in sight – rumors in the crypto craze!

BlackRock: No XRP ETF in sight – rumors in the crypto craze!

Rumors about BlackRock, the world's largest asset manager with $11 trillion in assets under management, are currently causing a stir in the crypto community. There is speculation that the company could file for a spot XRP ETF. However, this speculation should be treated with caution as similar rumors in the past, such as the claim that BlackRock wanted to invest $9 trillion in XRP, have turned out to be false. Currently, everything indicates that BlackRock is not planning an XRP ETF, especially due to the ongoing legal disputes between Ripple and the SEC, which make the development of products based on XRP significantly more difficult.

The lack of official confirmation from BlackRock on these rumors adds to the uncertainty. This speculation is reinforced by the company's current focus, which is already invested in Bitcoin and Ethereum ETFs, which have clearer regulatory pathways. Although CEO Larry Fink has spoken positively about Bitcoin, he has not made any official statements about XRP. BlackRock's head of ETFs, Jay Jacobs, also stated that the company is not focused on altcoins such as XRP and currently has no plans to launch ETFs for these currencies, as reported by several analysts, including Bloomberg analyst Erich Balchunas and crypto journalist Colin Wu.

Legal situation makes ETF development difficult

One of the main problems with creating an XRP ETF is the legal uncertainties arising from the ongoing legal battle between Ripple and the SEC. These uncertainties require asset managers, like BlackRock, to exercise extreme caution. Applications from other money managers, such as Franklin Templeton, also depend on the SEC's decisions. Regulators recently postponed review of applications from 21 Shares and Grayscale Investment to ensure a thorough review.

Additionally, on November 13, there was a false filing by BlackRock with the SEC for an XRP ETF that was quickly rejected. While other financial managers such as WisdomTree, Bitwise and 21Shares have filed applications for XRP ETFs this year, the market for XRP ETFs remains difficult due to regulatory hurdles. BlackRock's current focus is on expanding the reach of their Bitcoin and Ethereum ETFs, which currently only reach a limited number of customers.

Crypto market moves despite uncertainties

Developments in the XRP market do not go unnoticed. According to reports, XRP has gained around 22.8% over the past week and is currently trading at $2.36. Meanwhile, Whale Alert reported an anonymous transaction of 99 million XRP worth $234,448,405 that came from a wallet linked to Ripple and whose destination was the Bitgo crypto exchange in the US. Ripple had previously transferred 580 million XRP in two large transactions, worth approximately $1.5 billion.

Until a public statement or application from BlackRock, the current rumors about an XRP ETF can be viewed as unfounded. The crypto community will continue to monitor developments surrounding BlackRock and possible ETF plans.