Is BlackRock Still Planning to Launch XRP ETF This Year?  

BlackRock, a leading global asset manager, most recently announced that it had postponed its plan to launch its exchange-traded fund (ETF) backed by XRP. The move is appreciated by ongoing tussle and regulatory uncertainty over the cryptocurrency.  

“I can’t talk about that,” Larry Fink, the Chief Executive Officer, said when asked about the launch of XRP ETF during an interview with Fox Business. The announcement of the delay was followed by the recent interview of BlackRock’s CEO.   

BlackRock is among the companies that have entered the cryptocurrency sector and has the power to modernize the industry, as it is also known as the largest asset manager in the world.  

The asset manager has already entered the crypto, and its recently approved Bitcoin spot ETF has motivated enthusiasts to enter the market and start their trading in the most convenient ways.  

Before the approval of the Bitcoin spot ETF, the Securities and Exchange Commission and BlackRock Inc. met several times officially, and there are also claims that the asset management firm and regulator met many times off the record.

The SEC has filed against dozens of cryptogenic companies for the past few years. Most recently, one of the biggest cryptocurrency firms faced a lawsuit from the regulators. 

According to some recent media sources, BlackRock and GrayScale will lead the race of XRP ETF by filling out the application in April 2024. 

XRP vs. SEC Lawsuit Updates 

The SEC-Ripple legal dispute has taken another turn. In a legal document filed on January 11th with the United States District Court for the Southern District of New York, the SEC urged Judge Sarah Netburn to order Ripple to provide financial records from 2022 to 2023, as well as “post-complaint contracts” relating to “institutional sales.”

Meanwhile, the corporation has continued to be cautious in its activities. It is shown by Ripple’s planned Initial Public Offering (IPO). The XRP Ledger (XRPL) recently recorded its most significant monthly transaction volume in terms of XRP, marking a new milestone.

Crypto Market Price Update 

The market capitalization of the entire cryptocurrency market grew significantly; a boom of 1.14% was observed in the past 24 hours, and it is $1.83 Trillion as of writing. On the other hand, Bitcoin, the market leader, surged over 1.80% and is trading on the boundary of $49k. 

As per market observers, Bitcoin’s price will continue to grow as the fourth halving of Bitcoin is scheduled for April 2024. Similarly, Ethereum, the industry’s second most talked about token, rose more than 9.50% weekly. 

In the intraday time frame, Beam’s price surged over 17% and became the topper of the gainers listed, followed by Mina’s at 10.96%, Immutable, Stacks, and Optimism. Bitcoin’s trading volume has shown a positivity of 17% till press time.  

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.