There have been recent speculations that BlackRock can soon file an XRP ETF. This comes after a 6 percent price explosion of XRP to be caused by an increased institutional interest. Santiment on-chain statistics notes that Teucrium 2X Long Daily XRP ETF has had its fund size increase to nearly $160 million. JPMorgan has also forecasted that there is an inflow of XRP connected products amounting to $8 billion. The run up in the price of XRP gives attention to the rising popularity of the access to this cryptocurrency in the form of ETFs.
The patenting process that surrounds XRP and indirectly its most important element, BlackRock, may signify a potentially different beginning in regard to institutional cryptocurrency acceptance. BlackRock has already witnessed massive inflows into its Bitcoin ETF, with a lot of money finding into the fund in the early days of July, amassing to a whopping amount of 581.5 million.
Ripple’s Legal Resolution and XRP ETF Approval
Ripple has yet to win its lawsuit with SEC, the situation is about to change. This would possibly open the gateway to regulation of XRP ETFs. More than ten applications to trade XRP ETFs are pending, and the ruling date is on July. The legal decision and the following acceptance would give XRP speed to escape its current price range. The regulatory environment is becoming different and there is more interest by the institutional investors.
Institutional Trust and Blockchain Adoption
BlackRock’s potential involvement with XRP highlights a shift in cryptocurrency adoption among large institutions. Blockchain transaction data shows the peer-to-peer efficiency of cryptocurrencies, further fueling institutional interest. The success of Bitcoin ETFs has set a precedent for future ETF filings for other cryptocurrencies like XRP.
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