The iShares BTC Trust (IBIT) and iShares Ethereum Trust (ETHA) lead the way in the crypto spot ETF market. This emphasizes BlackRock’s notable presence in the XRP spot ETF arena.
Nate Geraci, president of Nova Dius Wealth, recently shared his thoughts on the future of the iShares XRP Trust application.
“I am quite confident that BlackRock will file for a Spot XRP & Sol ETF.”
It seems BlackRock might be waiting for the SEC to establish a standardized framework for crypto ETFs before proceeding with their application. Notably, crypto analyst Marty Party responded to the idea that BlackRock isn’t planning on an XRP spot ETF.
“Clarified: After some discussion, this has been confirmed as incorrect. […] Discussions are ongoing for both SOL and XRP ETFs at BlackRock – timing is uncertain, but there’s a deadline in October.”
Why is the BlackRock XRP-Spot ETF significant?
IBIT has seen a total net inflow of $5.8683 billion since it started, while ETHA has attracted $12.165 billion. Both play a dominant role in the crypto spot ETF market.
In comparison, the second-largest Bitcoin and Ethereum Spot ETFs, the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH), report total net inflows of $12.165 million and $2.75 billion, respectively.
XRP Price Outlook: Appeal Dismissal and ETF Developments
The short-term outlook for XRP pricing relies on several key events, including:
- Approval for the joint dismissal provisions from the US Court of Appeal.
- News regarding the XRP-Spot ETF: actions from BlackRock.
- Ripple’s decision on its US banking license.
- Any related swift developments.
- Legislative updates from Capitol Hill.
XRP Price Action: Technical Indicators Suggest Bullish Setup
Daily Charts
XRP has been trading above both the 50-day and 200-day moving averages, suggesting a bullish trend.
- A breakout above the August 14 high of $3.3511 could lead to testing the significant resistance level of $3.5. If that level holds, bulls might set their sights on the record high of $3.6606 from July 18.
- On the flip side, if XRP slips below the psychological support at $3, it could encounter the 50-day EMA. A breach there might push it toward the support level of $2.7254 seen on August 3.
