Ripple's RLUSD stablecoin approval fuels speculation of XRP ETF, driving optimism for regulated crypto markets.
BlackRock denies XRP ETF plans, focusing on Bitcoin and Ethereum while crypto firms eye 2025 approvals.
XRP rallies 400% amid speculation on ETFs, Ripple's stablecoin launch, and SEC's leadership transition.
Recent developments have fueled speculations about a potential XRP exchange-traded fund (ETF). Positive industry changes have amplified discussions.These includes Gary Gensler’s decision to step down as SEC Chair and the launch of Ripple’s RLUSD stablecoin. However, BlackRock has denied plans to file for an XRP ETF, signaling a cautious approach.
Jay Jacobs, BlackRock’s ETF department head, dismissed rumors of the firm filing for an XRP ETF. He confirmed that the company remains focused on expanding Bitcoin and Ethereum ETF coverage. Jacobs emphasized that these products have only reached a limited audience . This warrants further development before exploring other altcoins.
Ripple’s RLUSD Stablecoin Spurs Optimism
The adoption of Ripple’s RLUSD stablecoin has added to the growing anticipation surrounding XRP ETF. Furthermore, the approval of RLUSD by the NYDFS further demonstrates its commitment in facilitating the creation of the market in XRP. This is expected to be configured for an ETF on the grounds of making XRP’s market environment stable.
Experts like Ripple CEO Brad Garlinghouse and Nate Geraci of The ETF Store remain optimistic about the prospects of an XRP ETF. Market analysts suggest that RLUSD, coupled with a resolved Ripple vs. SEC lawsuit, could act as key catalysts. Meanwhile, the CME and CF Benchmarks have introduced reference rates and an XRP index. This move strengthens market infrastructure for the cryptocurrency.
Market Performance and Future Expectations
XRP has experienced significant gains, rallying over 400% in recent weeks. The cryptocurrency’s current price hovers at $2.41, with a 24-hour low of $2.34 and a high of $2.52. Analysts expect the consolidation phase to drive XRP toward $5 if current momentum continues.
The Grayscale XRP Trust has also posted impressive returns, with a 300% gain since May. This performance has led market watchers to anticipate that XRP could soon join the ranks of other ETF-approved cryptocurrencies. Prominent figures like The BitBoy view these gains as a strong indicator of XRP’s potential ETF launch in the U.S.
Despite BlackRock’s decision to delay further altcoin ETFs, other companies, including Bitwise, 21Shares, and WisdomTree, have filed applications. These firms expect regulatory approval by 2025. This could bring XRP ETFs to the forefront of the crypto investment landscape.
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