Excitement is building in the cryptocurrency space as the prospect of a Ripple (XRP) exchange-traded fund (ETF) gains momentum. In this article, we explore key developments from BlackRock, Grayscale, and Fidelity, shedding light on potential ETF applications and their impact on the crypto market.
XRP ETF Expected in April 2024: BlackRock and Grayscale Take the Lead
US-based Asset Management firms are gearing up to submit applications for Ripple (XRP) ETFs to the SEC in April 2024, with a potential launch anticipated by year-end. BlackRock, the world’s largest asset manager, is set to spearhead this initiative, according to insights from Crypto influencer Ben “BitBoy” Armstrong. Grayscale’s recent inclusion of XRP in its GDLC Fund, following a court ruling that XRP is not a security, further fuels speculations surrounding the ETF.
BitBoy’s Insights and Community Response
In a Jan 6 YouTube video, Crypto influencer Ben Armstrong hinted at the possibility of an XRP ETF application coinciding with the conclusion of the SEC v Ripple lawsuit. With legal clarity on XRP’s non-security status, proponents argue for a spot ETF, emphasizing increased likelihood due to recent developments. The crypto community, having witnessed the surge in interest around Bitcoin ETFs, eagerly awaits the potential for an XRP ETF.
Grayscale’s Reintroduction of XRP and Market Response
Grayscale’s official statement on Jan 5 confirmed the re-inclusion of XRP in its GDLC Fund after a two-year hiatus. Allocating approximately $9.6 million (2.54% of the fund) toward XRP, Grayscale adjusted its portfolio, removing Polygon (MATIC). Despite this move, XRP’s price remained relatively stable, trading at $0.558 at the time of writing, with the broader market facing its own challenges.
Fidelity’s Potential Spot XRP ETF: Insights from Influencers
Crypto influencer Jack The Rippler suggests that Fidelity, a prominent investment giant, could be gearing up for a spot Ripple (XRP) ETF launch. Screenshots from Fidelity’s trading platform showing the AMUN Ripple AXRP ETF add weight to this prediction. While the share price remains unknown, there is speculation that Fidelity might apply for the ETF by April, potentially receiving approval by the end of 2024.
XRP ETF Speculation Amid Bitcoin ETF Focus
As attention centers on the potential approval of a spot Bitcoin ETF, influencers predict that Fidelity’s Bitcoin ETF could pave the way for ETFs tracking other crypto assets, including XRP. Previous instances of fake XRP ETF filings, like BlackRock’s, have influenced XRP’s price positively in the past.
Broader Implications and Market Outlook
Analysts anticipate that a spot Bitcoin ETF approval could add $1.5 trillion to the crypto market cap, with significant inflows expected in the first and second quarters of 2024. This positive momentum is expected to benefit altcoins like Solana, Bitcoin, XRP, and Ethereum, contributing to the overall market growth.
Regulatory Considerations and Potential Challenges
While ETF approvals are seen as positive for the industry, the SEC’s cautious approach, evident in delayed rulings on spot Ethereum ETFs, raises questions about potential challenges for XRP. Concerns about market manipulation and the SEC’s reluctance to concede defeat following the court case with Ripple Labs may influence the fate of an XRP ETF.
The evolving landscape of Ripple (XRP) ETFs, with prominent players like BlackRock, Grayscale, and Fidelity making strategic moves, paints an intriguing picture for the crypto market. As the SEC’s stance on ETFs continues to shape the industry, the potential approval of an XRP ETF could have far-reaching implications for both the asset’s price and the broader cryptocurrency market. Stay tuned for updates and join the discussion on our Telegram channel and social media platforms.
