Ripple’s hopes for a BlackRock-backed XRP exchange-traded fund (ETF) seem to be dashed, as senior Fox Business reporter Charles Gasparino cites insider sources reporting that BlackRock has no intention of launching such a product. This is despite the landmark victory in the Ripple-SEC case. With the regulatory cloud lifted, XRP’s legal clarity should have paved the way for significant institutional adoption.
No Plans for A Spot XRP ETF
In an X post, Gasparino wrote:
BlackRock’s CEO, Larry Fink refused to talk about the possibility of an XRP Exchange Traded Product in a recent Fox interview. This fact was pointed out to Gasparino by Prosperity Fund on X where they insisted that Fink simply refused to talk about XRP ETP and so, it is too early to write off its possibility.
Many XRP bulls werehaving none of Gasparino’s claim, with some asking him to name his source. One user, @xmikemac wrote:
“We’re going to save this post! Be sure to come back and say that your “source” was a lie and that this was all directed at the $XRP army because they’ve destroyed you at EVERY turn because of how wrong you’ve been at EVERY turn. We’ll be waiting, Chuck.”
A Cautious Approach
Ripple’s XRP has bounced back to reckoning since the court declared that the token is not a security, contrary to the interpretation of the Securities and Exchange Commission (SEC). The token is currently the 6th most capitalized cryptocurrency, trading just above 5 cents, with a market capitalization of $29 billion.
It is too early to conclude on the position of BlackRock regarding an XRP ETP. Its CEO’s stance in declining comment about the issue reflects the cautious approach by institutional players toward tokens aside from Bitcoin and Ethereum. The next chapter in the XRP saga, both for Gasparino and XRP bulls, promises to be a captivating one.