After the Ripple lawsuit appeal ends, ETF expert Nate Geraci says a BlackRock XRP ETF filing could be subsequent.
After the Ripple lawsuit appeal was officially dismissed, ETF specialist Nate Geraci forecasted a possible BlackRock XRP ETF filing.
Following this legal clarification, other analysts have also predicted that the biggest asset manager in the world will add more cryptocurrency ETFs to its lineup than only Bitcoin and Ethereum.
Professional Advice For BlackRock XRP ETF Filing
Nate Geraci, president of The ETF Store, stated in a recent X post that he thinks BlackRock XRP ETF filling will be via its iShares platform.
The timing is perfect, he said, implying that the asset management had probably been holding off on acting until legal clarification was obtained.
Eric Balchunas, a Bloomberg ETF analyst, resisted, stating that he doesn’t believe such a filing would happen anytime soon.
Balchunas said, “I think they’re happy with the two.”
He mentioned declining returns outside Bitcoin and Ethereum but acknowledged that this was more intuition than concrete proof.
The lawsuit started in December 2020 and officially concluded when Ripple and the SEC submitted a combined dismissal of all pending appeals.
The resolution confirms that XRP is not regarded as a security in retail transactions.
U.S. exchanges and financial products, including exchange-traded funds (ETFs), have much more freedom to list and incorporate XRP without the burden of litigation.
Additionally, Ripple may now move more quickly with its business plans.
Shortly before the dismissal filing, Ripple declared it would pay $200 million to purchase Rail.
This action aims to strengthen the stablecoin infrastructure for its RLUSD initiative.
Market Reaction To Rejection Of XRP Lawsuit
After the lawsuit ended, the market reacted quickly.
Data from CoinMarketCap indicates that the price of XRP has increased by more than 13.27% over the past day.
This is far more than the 3.75% rise in the bitcoin market as a whole.
South Korean exchanges recorded a surprising 1,211% spike in XRP volume as trading activity surged.
Technical momentum was fueled by bullish derivatives positioning, as traders on Deribit purchased over 100,000 call and put contracts at strike prices of $3.20 and $3.10, for a total premium of $416,000.
According to these perspectives, further volatility will likely be in the following weeks.
XRP briefly jumped above $3.30 and hit $3.32 during spot trading, with net inflows exceeding $42 million. Its market worth rose to $22 billion as a result.
Interestingly, Polymarket’s XRP ETF approval odds shot back to 88% following the announcement.
Following SEC Commissioner Caroline Crenshaw’s vote against specific crypto-related initiatives, it fell to about 65%.
Analysts like Balchunas, however, downplayed the worry.
He noted that Crenshaw is frequently outvoted and consistently opposes all crypto ETFs.
Supporters think it makes strategic sense to invest in a BlackRock XRP ETF.
Diversifying BlackRock’s cryptocurrency offerings would include going beyond Bitcoin and Ethereum.
Additionally, they would be better equipped to satisfy the needs of organizations looking to gain exposure to a range of digital assets.
The requirements for an BlackRock XRP ETF application have improved after settling the Ripple case.
