Grayscale’s recent XRP ETF filing with the NYSE has triggered a wave of speculation in the crypto community. With multiple asset managers entering the ETF race for Ripple’s native crypto, many are now eyeing BlackRock as the next potential player to follow suit. Adding to the buzz, FOX journalist Eleanor Terrett hinted at more filings soon, fueling investor curiosity.
Grayscale XRP ETF Filing Sparks Market Optimism
Grayscale has officially submitted a 19b-4 form through the NYSE to convert its existing XRP Trust into an exchange-traded fund (ETF). If approved, the ETF will be listed and traded on the New York Stock Exchange. Notably, the Trust, which was created following Judge Analisa Torres’ ruling in the Ripple vs. SEC case, currently holds $16 million in assets under management (AUM).
Meanwhile, this move marks Grayscale as the latest asset manager to apply for an XRP ETF in the US. Notably, this filing comes on the heels of Grayscale’s other ETF applications, including Litecoin ETF, Solana ETF, and Grayscale Bitcoin Miners ETF. Having said that, it appears that the firm is aggressively expanding its ETF offerings, raising expectations for more filings from other big players.
Is BlackRock Next To File For XRP ETF?
Adding to the recent excitement, FOX journalist Eleanor Terrett shared an X post suggesting that more XRP ETF applications could surface next week. Terrett stated:
“Keep an eye out for possibly more filing activity by issuers with $XRP ETF applications next week.”
In addition, responding to a user’s question about BlackRock’s possible entry, Terrett said, “Issuers with XRP ETF applications.” Although this statement left room for speculation, she refuted claims of such possibilities in the next week.
In other words, while she didn’t confirm BlackRock’s involvement, her words have fueled market chatter. Given BlackRock’s history of leading ETF innovations, especially with its successful Spot Bitcoin ETF launch last year, many believe the firm could be strategizing an XRP ETF launch.
What’s Next For Ripple’s Native Crypto?
XRP price today traded in the red and exchanged hands at $3.08, while its trading volume fell 31% to $4.7 billion. It appears that the investors are staying on the sideline after the US Fed maintained the interest rate at the latest FOMC. In addition, the traders are also moving cautiously ahead of the crucial US PCE inflation data, scheduled for later today.
However, with soaring optimism over a potential XRP ETF launch in the US, speculations soared over a continuing rally in XRP price. For context, eight asset managers have now officially filed for an XRP ETF, including Bitwise, CoinShares, Canary Capital, 21 Shares, WisdomTree.
Furthermore, if BlackRock steps in, it would add significant credibility to XRP’s position in the investment market. Having said that, speculations over potential XRP addition in the US Strategic Reserve have already fueled a clash between Bitcoin maxis and XRP enthusiasts.
Meanwhile, the experts still remained optimistic about the crypto’s future trajectory, given the latest ETF filings and other market developments. Amid this, a top expert recently predicted a potential XRP price rally to $5, if it breaks a crucial support level ahead.
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