The crypto market is rife with speculation that BlackRock may submit a spot XRP ETF filing with the SEC soon. One of the reasons for this is the recent spike in the XRP ETF approval odds to 83%. Even if an approval is far away, how would an XRP ETF filing from BlockRock this week impact the price of XRP?
At press time, XRP trades at $2.34 with a slight 0.9% intraday gain and 38% below its all-time high. If BlackRock files for a spot XRP ETF this week, can the price soar to record highs? Let’s explore.
Will BlackRock File For a Spot XRP ETF This Week?
Many analysts and investors believe that BlackRock’s XRP ETF filing could be a key catalyst for XRP price rally past the $3.84 record high. However, with the Ripple vs. SEC lawsuit yet to conclude, the $11 trillion asset manager remains hesitant to give investors exposure to XRP.
One reason a BlackRock XRP ETF filing is imminent is the surging approval odds on the blockchain-based betting site Polymarket. Traders on the platform believe that there is an 83% chance that the SEC approves an XRP ETF, a percentage that has increased by 15% in one month.
It is worth noting that BlackRock was among the last asset managers to file for Bitcoin and Ethereum ETFs. In fact, the Wall Street giant filed for these products months before the SEC gave its approval, suggesting that its filing for an XRP ETF will indicate imminent approval.
Meanwhile, Ripple’s CEO, Brad Garlinghouse, also noted that institutions are flocking to XRP, suggesting that it could only be a matter of time before BlackRock gets onboard.
While there are no comments from the trillion-dollar asset management firm, here are a few reasons why BlackRock may consider filing for a spot XRP ETF.
The Chicago Mercantile Exchange (CME) approved XRP futures, which have seen a strong demand with volume hovering between 150 and 60 contracts.
Other similar XRP products across Europe also show a significant spike in interest for these institutional products.
So the chances of a BlackRock ETF are not a question of “if” but “when.” Further supporting this outlook is Ripple’s recently acquired Hidden Road and its connection with DTCC, which offers a massive utility for the payments company and a chance to capture the $11 trillion clearing market segment.
If Ripple manages to acquire US-based stablecoin company Circle, it would be a huge boost to Ripple’s portfolio and could further tilt the odds of a BlackRock XRP ETF in its favor.
ChatGPT Predicts XRP Price Impact of ETF Filing from BlackRock
If BlackRock files for a spot XRP ETF, this USA-made altcoin is bound to record a significant price gain. In November 2023, BlackRock filed for a spot ETH ETF, and within four months, Ethereum had doubled in price.
If XRP mirrors this trend, its price could surge 2x from its current price of $2.34 and reach $4.60 within a few months after BlackRock’s filing.
ChatGPT notes that if BlackRock submits this filing, the XRP price can surpass $3 within seven days by comparing how BTC and ETH ETFs performed.
To conclude, a BlackRock spot ETF filing would be enough to catalyze an XRP price rally to its ATH of $3.40 or higher. Investors need to note that a simple filing from this asset management firm could easily propel the token higher even before the SEC approves it. However, investors need to note that BlackRock has not filed for any crypto ETF except for Bitcoin (BTC) and Ethereum (ETH). This shows that the company is not convinced by the utility that altcoins provide, be it Solana (SOL) or XRP. Hence, a BlackRock ETF may not happen until this changes for the company.
Frequently Asked Questions (FAQs)
XRP price can rally past $3 to all-time highs if BlackRock files for a spot XRP ETF this week. If the product gains approval, this rally could easily see Ripple form a double-digit price.
Polymarket notes that there is an 83% chance that the SEC approves a spot XRP ETF. This approval will be the main catalyst for XRP price gains.
Derivatives market data shows a bullish bias towards the XRP price. The long/short ratio shows 75% of traders on the exchange have opened long positions.
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muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
