Here's how the price of
$XRP will perform if BlackRock files for a spot XRP ETF this week as the odds of approval jump to 83%.
The crypto market is abuzz with speculation that BlackRock may soon file a spot XRP ETF filing with the SEC.
One reason for this is the recent increase in the chances of an XRP ETF being approved to 83%. Even if approval is far off, how will the XRP ETF filing from BlockRock this week affect the price of XRP?
At press time,
$XRP is trading at $2.34 with a modest 0.9% intraday gain and 38% below its all-time high. If BlackRock files for a spot XRP ETF this week, could the price surge to record highs? Let’s find out.
Will BlackRock file for a spot XRP ETF this week?
Many analysts and investors believe that BlackRock's XRP ETF filing could be the key catalyst for the XRP price rally beyond the $3.84 high.
However, with the Ripple vs. SEC lawsuit still pending, the $11 trillion asset manager is hesitant to offer investors exposure to XRP.
One reason BlackRock is filing for an XRP ETF is the increasing approval hurdles on blockchain-based betting site Polymarkets.
Traders on the platform believe there is an 83% chance the SEC will approve the XRP ETF, a percentage that has risen 15% in a month.
It's 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 granted approval, suggesting that its filing for the
$XRP ETF would indicate imminent approval.
Meanwhile, Ripple's CEO, Brad Garlinghouse, also noted that institutions are flocking to XRP, suggesting that it may only be a matter of time before BlackRock comes on board. The launch of XRP futures on CME and Nasdaq has made it more likely that this will happen.
Amid high demand and optimism surrounding the approval of a spot XRP ETF, BlackRock's filing could be coming soon, and could lead to massive gains for the XRP price.
ChatGPT Predicts XRP Price Impact of ETF Filing from BlackRock
If BlackRock files for a spot XRP ETF, the US-made altcoin is bound to record a significant price increase. In November 2023, BlackRock filed for a spot ETH ETF, and within four months, Ethereum’s price doubled.
If XRP reflects this trend, its price could double from its current price of $2.34 and reach $4.60 within a few months of BlackRock's filing.
ChatGPT notes that if BlackRock submits this filing, the price of XRP could exceed $3 within seven days, comparing the performance of BTC and ETH ETFs.
Will BlackRock File for XRP ETF?
While there has been no comment from the trillion-dollar asset management firm, here are a few reasons why BlackRock might 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 are also seeing a significant spike in demand for these institutional products.
So BlackRock ETF's prospects are not a question of "if" but "when." Further supporting this view is Ripple's recently acquired Hidden Road and its connection with DTCC, which provides a broader utility for the payments company and an opportunity 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 the BlackRock XRP ETF in its favor.
To conclude, the BlackRock spot ETF filing will be enough to trigger an XRP price rally to its ATH of $3.40 or higher. Investors need to note that a simple filing by this asset management firm could easily push the token higher even before SEC approval.
However, investors need to note that BlackRock has not filed for any crypto ETFs except for Bitcoin (BTC) and Ethereum (ETH).
This shows that the company is not convinced in the utility that altcoins provide, be it Solana (SOL) or XRP. Therefore, a BlackRock ETF cannot happen until this changes for the company.
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