BlackRock Delays XRP ETF Plans, RLUSD Approval Creates New Speculations
Recent developments such as the XRP ETF filings, the announcement of a new SEC chairman, and the news of the RLUSD stablecoin have further fueled the XRP ETF launch speculations. But surprisingly, BlackRock has not revealed any recent plans to file an ETF application for XRP or any other altcoins.
This has sparked speculation in the crypto community as Blackrock was the driving force behind the success of the spot Bitcoin and Ethereum ETF approvals. Over the past few months, many XRP enthusiasts have been waiting for the XRP ETF filing from BlackRock. It all started last year after a fake XRP ETF file from the company was filed on the Delaware state website. At that time, the price of XRP increased by more than 15%.
Focus on Bitcoin, Ether ETFs
However, BlackRock quickly denied the report, insisting that the record was fake. Jay Jacobs, head of BlackRock's ETF department, dismissed rumors surrounding the company's plans to file for an XRP ETF. Even Bitcoin and Ethereum ETFs have reached only a few people, and the company says it is currently focusing on expanding coverage of these two types of ETFs.
Jacobs noted that only a few of BlackRock's clients currently own shares of iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA). He pointed to the need to expand their reach to more clients, stressing that there are no immediate plans to introduce new ETFs tied to altcoins such as XRP. Bloomberg ETF analyst Eric Balchunas shared Jacobs' comments on X earlier this week.
Notably, Bitwise, Canary Capital, 21Shares and WisdomTree have submitted applications for the XRP ETF, which is expected to be approved by the end of 2025.
BlackRock's comments come amid positive developments in the crypto industry after the recent announcement of the XRP ETF. Despite BlackRock's decision to delay more crypto ETFs, Ripple CEO Brad Garlinghouse and ETF Store President Nate Geracchi are bullish on the launch.
Good decision?
Also, some investors supported BlackRock's decision and suggested that it is better to start a new ETF in stages rather than starting a ton earlier, which could exacerbate the volatility.
Moreover, the Greyscale XRP Trust has recorded a strong 300% return since May. Well-known crypto marketer Ben Armstrong, known as “The BitBoy”, says the strong return is a good sign of the recent launch of the XRP ETF in the US.
RLUSD News Spikes Estimates
The recent acceptance of Ripple's stablecoin RLUSD by the NYDFS has fueled further speculation on the XRP exchange-traded fund as it could help create a regulated market for XRP, which could also trigger a rally in XRP.
