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- The crypto community is buzzing with heightened speculations of a potential XRP ETF, following the conclusion of Ripple’s legal battle with the SEC.
- Silence from BlackRock CEO Larry Fink and Ripple CEO Brad Garlinghous has led to speculations that talks of a possible XRP ETF are underway, though conducted behind doors.
The cryptosphere is humming with speculations of a potential XRP ETF. These speculations have been fueled by a series of events, including the approval of Bitcoin exchange-traded funds by the U.S. Securities and Exchange Commission and the final chapter in the XRP vs. SEC legal battle.
Backtracking, 2023 saw financial behemoth Blackrock file for a Bitcoin ETF. This move was a significant step towards making crypto the future investment. The SEC’s approval, including that of Blackrock and 10 other spot Bitcoin ETFs, marked a pivotal moment in the digital asset market. The approval of the Bitcoin ETFs was a hard-fought battle as it saw a 3-2 vote among the SEC commissioners. Surprisingly, SEC Chair Gary Gensler reportedly voted in favor.
Naturally, the approval of Spot Bitcoin ETFs led to speculations about whether other cryptocurrencies would follow suit. Adequately, the recent approval of Ether ETFs has filled the void, yet the crypto community’s appetite for diversification remains insatiable. With the XRP- SEC legal battle winding down, XRP, as the first regulated crypto, could be the next Spot ETF victim.
Renowned crypto influencer Anders has come out strongly via a post on the X platform, suggesting that the mighty Blackrock’s involvement could fuel the process of obtaining an XRP ETF approval.
Adding fuel to the fire are the recent statements from BlackRock CEO Larry Fink and Ripple CEO Brad Garlinghouse. Both parties declined to comment when asked about the possibility of an XRP ETF. This reaction has led to speculations that talks of a possible Spot XRP ETF are underway, though conducted behind closed doors.
According to Anders, an XRP ETF could not have been approved following the legal battle, but now that Judge Torres has given the final verdict, the road is clear. However, with the lawsuit now resolved, the silence from Fink and Garlinghouse could be strategic. He speculates that SEC Chair Gensler may have been instructed to “back off” from appealing the case. This has been echoed by Stuart Alderoty, the company’s legal chief, who said that the SEC must not appeal if the US government wants to promote crypto adoption.
While no official communication has been made, recent developments in the cryptocurrency industry, including the recent ETHETF approval, suggest that Blackrock and other financial heavy hitters could soon make a move. The SEC’s willingness to approve both Bitcoin ETFs and Ether ETFs, seconded by the ending of the Ripple lawsuit, only improves the odds for an XRP ETF.
Meanwhile, at the time of writing, XRP is swapping hands with $0.5762, marking a 1.35% and 11.57% surge in the last 24 hours and past week, respectively.
