XRP ETF Rush: Grayscale's Filing & BlackRock Speculation
The crypto community is buzzing after Grayscale filed for an XRP ETF with the NYSE. This follows a string of ETF applications from other asset managers, leading to speculation about whether industry giant BlackRock will follow suit. FOX journalist Eleanor Terrett added fuel to the fire, hinting at further filings.
Grayscale's XRP ETF Filing
Grayscale submitted a 19b-4 form to the NYSE, seeking to convert its XRP Trust into an exchange-traded fund. If approved, this ETF will trade on the New York Stock Exchange. The Trust currently holds $16 million in assets under management (AUM).
This is Grayscale's latest ETF application, following filings for Litecoin, Solana, and Bitcoin Miners ETFs. This aggressive expansion fuels anticipation of more ETF applications from major players.
Will BlackRock File for an XRP ETF?
FOX journalist Eleanor Terrett's X post suggested more XRP ETF applications may be forthcoming. While she didn't confirm BlackRock's involvement, her comments sparked considerable market speculation. Given BlackRock's success with its Spot Bitcoin ETF, many believe an XRP ETF is a logical next step for the firm.
Market Reaction and Future Outlook
At the time of writing, XRP was trading at $3.08. While recent market uncertainty has impacted trading volume and price, the potential for XRP ETF approval continues to generate optimism. Eight asset managers have now filed for an XRP ETF, including Bitwise, CoinShares, Canary Capital, 21Shares, and WisdomTree.
The potential entry of BlackRock would add significant weight to XRP's market position. Furthermore, ongoing discussions around adding XRP to the US Strategic Reserve are fueling debate within the crypto community.
Experts remain generally optimistic about XRP's potential, particularly given the recent surge in ETF filings. Some analysts even predict an XRP price rally to $5 if it breaks a crucial support level.
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Disclaimer: This information is for educational purposes only and should not be considered investment advice. Conduct thorough research before making any investment decisions.