XRP News Today: BlackRock Urges SEC to Approve XRP ETFs by July

BlackRock, the world's largest asset manager, has reportedly urged the U.S. Securities and Exchange Commission (SEC) to approve exchange-traded funds (ETFs) based on the cryptocurrency XRP before July. This push comes as part of a broader trend of increased interest in digital asset exposure and blockchain technology. The move by BlackRock, known for its nearly flawless ETF approval record, has sparked significant attention in the financial community.

The approval of XRP ETFs would mark a significant milestone for the cryptocurrency market, as it would provide investors with a regulated and accessible way to gain exposure to XRP. This development could potentially drive further adoption and integration of XRP into mainstream financial systems. The SEC's decision on this matter is highly anticipated, as it could set a precedent for the approval of other cryptocurrency-based ETFs in the future.

Speculations initially started after reports that BlackRock met with the SEC’s crypto task force in early May. The reports claim they talked about ETF approval standards and ways to possibly launch more crypto ETFs. However, there is no official filing, and BlackRock has not announced anything. A shared letter from that meeting noted that BlackRock was interested in learning about new ETF structures, but it didn’t mention XRP at all. So far, BlackRock has only focused on Bitcoin (BTC) and Ethereum (ETH) ETFs. These were approved in early 2024 and have been doing well in the market.

Last year, BlackRock’s ETF head Jay Jacobs said the company was sticking with Bitcoin and Ethereum because they were more mature and had better trading volume. Moreover, even though XRP is the fourth-largest cryptocurrency by market value, it has a long legal history with the SEC after it accused Ripple, the company behind XRP, of selling unregistered securities. The case has dragged on for years, and while Ripple has had some wins, the lawsuit is still not fully settled. This legal uncertainty might be why BlackRock is staying away from XRP for now.

Nate Geraci, the president of The ETF Store, thinks it’s only a matter of time before BlackRock files for spot XRP ETFs. He said, “I still fully expect BlackRock to file for spot sol & xrp ETFs.” He added that it would make “zero sense” for a giant like BlackRock to let other firms take over the altcoin ETF space. He also pointed out that CME-traded XRP futures are now available, which could help lay the groundwork for a future spot ETF.

Last year, a fake XRP Trust filing caused a stir online. BlackRock quickly responded, saying the filing was false and that it had no connection to Ripple or XRP. For now, there is no sign that a real XRP ETF from BlackRock is in the works. The company has not made any moves, and the SEC has not approved anything. Until something official is filed, the news remains just a rumor.

Meanwhile, analysts predict that if BlackRock does file for an XRP ETF, it would skyrocket XRP’s price to $10. This signals a 365.6% surge from the current price of $2.17. However, this is purely speculative and based on analyst forecasts, not actual market movements.

The push by BlackRock for XRP ETF approval comes at a time when the cryptocurrency market is experiencing a wave of ETF applications. This trend indicates a growing interest in digital assets and blockchain technology among institutional investors. The approval of XRP ETFs could further validate the legitimacy of cryptocurrencies as an asset class and encourage more traditional financial institutions to explore this space.

However, it is important to note that the approval of XRP ETFs is not guaranteed. The SEC has been cautious in its approach to cryptocurrency-based ETFs, citing concerns over market manipulation and investor protection. The regulatory body has previously rejected several applications for cryptocurrency ETFs, including those based on Bitcoin and Ethereum. Therefore, the outcome of BlackRock's push for XRP ETF approval remains uncertain.

In conclusion, BlackRock's push for the SEC to approve XRP ETFs before July is a significant development in the cryptocurrency market. This move reflects the growing interest in digital asset exposure and blockchain technology among institutional investors. However, the approval of XRP ETFs is not guaranteed, and the outcome of this push remains uncertain. The financial community will be closely watching the SEC's decision on this matter, as it could have far-reaching implications for the cryptocurrency market.