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- FOX journalist Eleanor Terrett revealed that more ETF issuers are set to apply for XRP ETFs with the SEC next week after Grayscale filed to convert its XRP Trust into an ETF.
- Market observers say that demand remains high for an XRP ETF, with BlackRock expected to enter the fray in the coming weeks.
It’s the season of crypto ETFs, and according to FOX Business journalist Eleanor Terrett, the XRP community will get some new applications in the coming week as demand rises.
This week, the largest crypto asset manager, Grayscale, filed for an XRP ETF with the SEC, seeking to list it on the New York Stock Exchange. Grayscale seeks to convert its XRP Trust into an ETF, which has been the company’s model with other cryptos, including its Bitcoin and Ethereum spot ETFs.
🚨 Breaking: Grayscale Files For Spot XRP ETF With NYSE 🚨
Grayscale has officially filed to convert its XRP Trust into an ETF, which will be listed on the New York Stock Exchange (NYSE). This comes shortly after their filings for Litecoin and Solana ETFs. #XRP #ETF #Grayscale… pic.twitter.com/Bov1psNFR3
— Collin Brown (@CollinBrownXRP) January 30, 2025
Responding to the news on X, Terrett revealed that she has it on good authority that Grayscale would be the first of many issuers filing XRP ETFs, adding that there will be more activity in this field in the coming week.
Terrett’s revelation led many in the XRP Army to conclude that BlackRock will be among the companies to file applications in the coming week. The Wall Street giant, with $10 trillion in assets under management, is the outright leader in the crypto ETFs. Its Bitcoin product, iBIT, holds nearly $60 billion in assets and broke several records for the fastest-growing ETF on Wall Street when it launched. Its Ethereum ETF holds $3.7 billion, which is only bettered by Grayscale’s.
This makes a BlackRock application for an XRP product a potential game-changer for the crypto. Terrett’s ambiguous response only added to the mystery when asked whether BlackRock would be among the companies that the XRP Army can expect to launch an ETF.
Issuers WITH XRP ETF applications. 🙂
— Eleanor Terrett (@EleanorTerrett) January 30, 2025
How High Can XRP Soar When ETFs Launch?
XRP changes hands at $3.1 at press time, trading sideways over the past day. However, its trading volume has dipped by close to a third to hit $4.7 billion, aligning with the broader market, whose volume dropped 19% as the weekend approaches. Despite the latest slowdown, the crypto is still one of the best performers in January, where it has gained over 43%.
For XRP, the two biggest tailwinds will come from the resolution of its lawsuit with the SEC and the approval of spot ETFs. On the former, the conclusion seems to be edging ever closer, with the SEC recently erasing the legal battle from its website, which sparked rumors of an impending resolution.
On the ETFs, more companies are filing applications, with the XRP Cafe founder concluding that the motivation for the applications must be high demand from investors.
Remember, XRP ETF filings don't happen if there is no demand for the ETF. Clients are asking for it.
— Vet (@Vet_X0) January 30, 2025
XRP continues to trade in a tight range as its consolidation continues. If the crypto breaches the upper trendline, which has acted as resistance since mid-January, it could surge to retest the next resistance level at $3.55, and a break past this would set it up for a 25% rise to trade above $4, analysts say. On the flip side, if it dips below $2.6, it could allow bears to take over.
