BlackRock Delays XRP ETF Plans, RLUSD Approval Sparks New Speculations
Recent developments such as the XRP ETF filing, the announcement of a new SEC chairman, and news of the RLUSD stablecoin have further fueled speculation about the launch of the XRP ETF. But surprisingly, BlackRock has not disclosed recent plans to file an ETF application for XRP or any other altcoin in the near future.
This sparked speculation in the cryptocurrency community, as BlackRock was the driving force behind the success of the spot Bitcoin and Ethereum ETFs. Over the past few months, some XRP enthusiasts have been anticipating BlackRock’s XRP ETF filing. It all started when the company filed a fake XRP ETF document on a Delaware website last year. The price of XRP surged by more than 15% at that time.
Pay attention to Bitcoin and Ethereum ETFs
However, BlackRock quickly denied the report, stressing that the document was false. Jay Jacobs, head of BlackRock’s ETF division, has denied rumors that the company plans to file for an XRP ETF. He pointed out that even the Bitcoin and Ethereum ETFs only reach a small number of people, and the company will now focus on expanding the coverage of these two types of ETFs.
Jacobs noted that only a small portion of BlackRock’s clients currently own shares of iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA). He emphasized the need to expand its access to a wider range of clients and emphasized that there are no immediate plans to launch new ETFs related to altcoins such as XRP. Bloomberg ETF analyst Eric Balchunas shared Jacobs’ comments about X earlier this week.
Notably, Bitwise, Canary Capital, 21Shares, and WisdomTree have submitted XRP ETF applications, which are expected to be approved by the end of 2025.
BlackRock’s comments follow rumors that an XRP ETF is imminent amid recent positive developments in the crypto industry. Despite BlackRock’s decision to delay the launch of further cryptocurrency ETFs, Ripple CEO Brad Garlinghouse and ETF Store President Nate Geraci are optimistic about the launch.
A good decision?
Additionally, some investors supported BlackRock’s decision, noting that a step-by-step approach is better than launching new ETFs too early, which would only exacerbate volatility.
Additionally, Grayscale XRP Trust has delivered a strong 300% return since May. Prominent cryptocurrency market figure Ben Armstrong, known as “BitBoy,” asserted that strong returns are a “good sign” for the upcoming launch of the XRP ETF in the United States.
RLUSD news sparks speculation
The recent approval of Ripple’s stablecoin RLUSD by the NYDFS has sparked further speculation about an XRP exchange-traded fund, as it will help create a regulated market for XRP, which could also trigger a rise in XRP.
