Social media posts indicate that BlackRock is trying to get the U.S. Securities and Exchange Commission (SEC) to approve a spot XRP exchange-traded fund (ETF) before July. However, since SEC has been repeatedly delaying its decision on these ETFs, netizens are questioning the legitimacy of the latest claim.
The speculations initially started after reports that BlackRock met with the SEC’s crypto task force in early May. The reports claim they talked about ETF approval standards and ways to possibly launch more crypto ETFs. Like other rumors in the past, there is no official filing, and BlackRock has not announced anything.
A shared letter from that meeting noted that BlackRock was interested in learning about new ETF structures, but it didn’t mention XRP at all. So far, BlackRock has only focused on Bitcoin (BTC) and Ethereum (ETH) ETFs. These were approved in early 2024 and have been doing well in the market.
Last year, BlackRock’s ETF head Jay Jacobs said the company was sticking with Bitcoin and Ethereum because they were more mature and had better trading volume. Moreover, even though XRP is the fourth-largest cryptocurrency by market value, it has a long legal history with the SEC after it accused Ripple, the company behind XRP, of selling unregistered securities.
The case has dragged on for years, and while Ripple has had some wins, the lawsuit is still not fully settled. This legal uncertainty might be why BlackRock is staying away from XRP for now. Nonetheless, Nate Geraci, the president of The ETF Store, thinks it’s only a matter of time.
As The Crypto Times previously reported, he said, “I still fully expect BlackRock to file for spot sol & xrp ETFs.” He added that it would make “zero sense” for a giant like BlackRock to let other firms take over the altcoin ETF space. He also pointed out that CME-traded XRP futures are now available, which could help lay the groundwork for a future spot ETF.
Last year, a fake XRP Trust filing caused a stir online. BlackRock quickly responded, saying the filing was false and that it had no connection to Ripple or XRP. For now, there is no sign that a real XRP ETF from BlackRock is in the works. The company has not made any moves, and the SEC has not approved anything. Until something official is filed, the news remains just a rumor.
Meanwhile, analysts predict that if Blackrock does file for an XRP ETF, it would skyrocket XRP’’s Price to $10. This signals at a 365.6% surge from the current price of $2.17.
Also Read: Will PI Coin Hit $1 on Pi Network’s Pi2Day Fest on June 28?
