- Forbes suggests that global financial giants BlackRock and JPMorgan may be laying the groundwork for a cryptocurrency market rally, potentially benefiting digital assets like XRP, Bitcoin, and Ethereum.
- The XRP price faced significant bearish pressure in October, dropping from $0.548 to $0.489, breaking a support trendline within an ascending triangle pattern, typically seen as a bullish signal.
So far, the crypto community is quite aware of the fact that the world’s largest asset manager BlackRock has been actively pursuing the approval of its spot Bitcoin ETF application. However, Senior Forbes Contributor Billy Bambrough stated that BlackRock could be secretly working to propel an XRP bull run as well.
Forbes has put forth the notion that XRP could experience a significant surge, driven by global financial giants BlackRock and JPMorgan. According to the report by Bambrough, these two financial powerhouses are allegedly laying the groundwork for an imminent cryptocurrency market rally.
To support this argument, the senior contributor pointed out several collaborative cryptocurrency initiatives undertaken by BlackRock and JPMorgan. The report highlighted that BlackRock achieved a notable milestone by being the first Wall Street titan to implement JPMorgan’s blockchain-based collateral settlement program.
Forbes suggested that this move aligns with BlackRock’s broader cryptocurrency strategy, which has been articulated by its CEO, Larry Fink. Fink’s vision emphasizes ushering in “the next generation for markets,” particularly within the realm of cryptocurrencies.
Moreover, the Forbes contributor pointed out recent reports indicating that BlackRock has actively utilized JPMorgan’s Ethereum-based Onyx network and tokenized collateral service. The purpose was to convert shares from one of BlackRock’s financial market funds into tokenized assets, which were subsequently transferred to Barclays in an over-the-counter (OTC) derivatives transaction.
Is BlackRock Really Focusing on XRP?
This is not the first time that talks regarding BlackRock’s focus on XRP have emerged. Back in September, another report also suggested that the asset manager has been showing interest in the Ripple cryptocurrency.
Forbes cited a previous statement by BlackRock’s CEO, in which he underscored the importance of blockchain technology in their financial operations. Larry Fink, in an annual letter to investors, described blockchain technology as “very important.”
It’s worth noting that blockchain technology facilitates the tokenization of conventional assets. This innovation simplifies and streamlines the transfer of value in traditional assets such as stocks, bonds, and real estate, making it more cost-effective. Interestingly, Ripple is also working on making the XRP Ledger an important platform for the tokenization of real-world assets. This is where the investors of BlackRock and Ripple could converge going ahead.
As a result, the senior contributor at Forbes anticipates that the entry of BlackRock and JPMorgan into the cryptocurrency space, given their connections to the traditional market, would trigger a substantial surge in digital assets like XRP, Bitcoin, and Ethereum.
XRP’s price has experienced notable bearish pressure throughout October, declining from its peak of $0.548 to its current level of $0.489, marking an 11.2 percent drop. This decrease broke through the support trendline of an ascending triangle pattern, which is typically considered a bullish formation.