XRP News Today: XRP Surges 6.15% on BlackRock ETF Speculation

XRP, the cryptocurrency associated with Ripple, has experienced a notable surge in value, jumping over 6% in recent trading sessions. This increase is largely attributed to growing speculation that BlackRock, the world's largest asset manager, may soon file for a spot XRP exchange-traded fund (ETF). The anticipation has sparked significant excitement among investors and analysts, who are closely monitoring the potential implications for the cryptocurrency market.

On-chain data from Santiment indicates that XRP is gaining traction among large holders. Currently, 2,742 wallets hold at least 1 million XRP, just one short of the all-time record. At the time of reporting, XRP is priced around $2.56, reflecting a 6.15% increase in the past 24 hours and a nearly 14.86% rise over the past week. XRP remains the fourth-largest cryptocurrency by market capitalization, valued at approximately $151.728 billion.

Speculation about BlackRock's potential spot XRP ETF filing has intensified following hints from crypto community members, including Xaif Crypto, who suggested that the move could be imminent. Although no official announcement has been made, XRP and Solana (SOL) are believed to be next in line for ETF filings. This excitement coincides with the nearing conclusion of Ripple's legal battle with the SEC, which could open doors for broader institutional access to XRP.

Other ETF developments are also contributing to the buzz. ProShares’ Ultra XRP ETF (UXRP) was recently added to the DTCC product list, and Truth Social’s ‘Crypto Blue Chip ETF’ filing includes XRP. Multiple XRP-related ETF proposals are currently awaiting review, with key decision dates lined up in July. These developments have added to the overall optimism surrounding XRP.

Interest from institutions is already picking up. The Teucrium 2X Long Daily XRP ETF (XXRP), which launched in April, has consistently attracted weekly inflows and is nearing $160 million in assets despite a high 1.89% expense ratio. JPMorgan analysts predict that a spot XRP ETF could receive approval later this year and may draw up to $8 billion in its first year, potentially boosting XRP’s price significantly. The SEC is currently reviewing over ten spot XRP ETF applications, with final decisions expected in October. If approved, these ETFs could open the doors to greater institutional access and boost overall market demand for XRP.

Currently, XRP is trading near $2.58. A push above $2.60 could open the door to $3. Analyst Javon Marks sees potential for a rally toward $9.63 if momentum holds. However, a drop below $2.50 could lead to support retests at $2.40 or $2.30. The ongoing legal battle between Ripple and the SEC has also contributed to the recent price surge of XRP. The lawsuit, which centers around the classification of XRP as a security, has been a contentious issue in the cryptocurrency community. However, recent developments in the case have raised hopes that a resolution may be imminent. Legal expert Marc Fagel has predicted that the SEC could drop its appeal in the case within the next two months, potentially paving the way for a settlement.