The recent comment by Eleanor Terrett and Grayscale’s XRP ETF filing has sparked speculation that BlackRock may be the next company to follow.
The crypto community has been engulfed in speculation due to Grayscale’s recent XRP ETF filing with the NYSE. BlackRock is now considered the next potential player to follow suit, as numerous asset managers have entered the ETF competition for Ripple’s native crypto. FOX journalist Eleanor Terrett alluded to additional filings for the near future, which piqued investor interest and contributed to the buzz.
The filing of the Grayscale XRP ETF has sparked market optimism
Grayscale has formally submitted a 19b-4 form to the NYSE to convert its current XRP Trust into an exchange-traded fund (ETF). If approved, the ETF will be listed and transacted on the New York Stock Exchange. It is important to note that the Trust, established in response to Judge Analisa Torres’ decision in the Ripple v. SEC case, currently contains $16 million in assets under management (AUM).
Due to this action, Grayscale is the most recent asset manager to apply for an XRP ETF in the United States. It is important to note that this filing follows Grayscale’s other ETF applications, which include the Grayscale Bitcoin Miners ETF, Solana ETF, and Litecoin ETF. However, the organization is making a concerted effort to broaden its ETF selection, which will likely result in additional filings from other major participants.
Is BlackRock the following entity to apply for the XRP ETF?
Eleanor Terrett, a FOX journalist, recently shared an X post that suggested that additional XRP ETF applications could be released next week, which has only heightened the enthusiasm. Terrett declared:
“Keep an eye out for possibly more filing activity by issuers with $XRP ETF applications next week.”
Furthermore, Terrett responded to a user’s inquiry regarding BlackRock’s potential entrance by stating, “Issuers with XRP ETF applications.” She refuted allegations of such possibilities the following week, even though this statement left room for speculation.
In other words, her statements have sparked market speculation even though she did not explicitly corroborate BlackRock’s involvement. BlackRock’s history of pioneering ETF innovations, particularly its successful Spot Bitcoin ETF launch last year, has led many to speculate that the company may be planning the introduction of an XRP ETF.
What is the future of Ripple’s native cryptocurrency?
XRP’s trading volume decreased by 31% to $4.7 billion, while the price traded in the red at $3.08. Investors refrain from investing following the US Federal Reserve’s decision to maintain the interest rate at the most recent FOMC meeting. In addition, traders are exercising caution in anticipation of the critical US PCE inflation data scheduled for later today.
Nevertheless, speculation regarding an ongoing increase in the price of XRP skyrocketed amid widespread optimism regarding the potential introduction of an XRP ETF in the United States. Eight asset managers, including Bitwise, CoinShares, Canary Capital, 21 Shares, and WisdomTree, have officially filed for an XRP ETF. This information is for context.
Additionally, BlackRock’s involvement would significantly enhance XRP’s credibility in the investment market. However, the prospective inclusion of XRP in the US Strategic Reserve has already sparked a dispute between Bitcoin advocates and XRP enthusiasts.
In the meantime, the latest ETF filings and other market developments have maintained the experts’ optimism regarding the crypto’s future trajectory. Amid this, a prominent expert recently predicted that the price of XRP could rise to $5 if it breaches a critical support level shortly.
