Ripple’s native crypto, XRP, is dealing with constant selling pressure with all the top cryptocurrencies despite a positive momentum build for the industry. After the much anticipated approval of the spot Bitcoin Exchange Traded Fund (ETF), the crypto community is expecting ETFs to be launched linked to top digital assets and XRP among that list.
XRP ETF on the way?
BlackRock CEO Larry Fink’s response on the prospect of an XRP ETF fueled speculation in the XRP community. During a Fox Business interview, Fink, when asked about an XRP ETF, cryptically stated, “I can’t talk about that!”
Financial journalist Charles Gasparino later added perspective to this. He highlighted that Fink has limited awareness of XRP compared to Ethereum. Gasparino cautioned against overanalyzing Fink’s comments and indicating a potential shift in his crypto awareness. However, the XRP community remains intrigued over the CEO’s words for potential insights into BlackRock’s involvement with Ripple’s native crypto XRP.
In the latest post, Charles Gasparino reported that BlackRock has no plans for a spot XRP ETF. He added that this news comes directly from the people with direct knowledge of the matter.
Grayscale adds Ripple’s native crypto
On the other hand, Grayscale Investments, the prominent crypto asset manager, revealed the updated Fund Component weightings for its Digital Large Cap Fund (GDLC) during the fourth quarter of 2023. As part of the rebalancing, Grayscale adjusted GDLC’s portfolio by selling certain existing Fund Components and using the proceeds to purchase Avalanche (AVAX) and XRP. Notably, Polygon (MATIC) was removed from GDLC.
As of January 4, 2024, GDLC’s Fund Components include Bitcoin (BTC) at 69.15%, Ethereum (ETH) at 21.90%, Solana (SOL) at 3.65%, XRP at 2.54%, Cardano (ADA) at 1.62%, and Avalanche (AVAX) at 1.14%.
XRP, a digital asset designed for efficient global payments and settlements, has been reintroduced to GDLC following legal developments. In July 2023, a court ruled that while XRP is not a security, certain XRP sales constituted “investment contracts” under the Howey test. Major digital asset platforms subsequently relisted XRP, meeting the inclusion criteria for GDLC.
XRP is still one of the top contenders for crypto ETFs despite facing legal complications from one of the biggest financial institutions. XRP price had surged by just over 9% in the last 90 days flashing no such bullish signals. It is trading at an average price of $0.56, at the press time.
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