"BlackRock, Preparing for XRP ETF?...Expectations Rise as Ripple and SEC Withdraw Appeal"
Summary
- With the legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) now settled, it was announced that there is a possibility BlackRock, the world's largest asset manager, may apply for an XRP ETF.
- Nate Geraci, president of NovaDius Wealth Management, stated that BlackRock could move forward with an XRP ETF application, as part of a strategy to diversify their ETF product lineup.
- As of the 8th, the price of XRP was reported to be $3.3448, up 11.26% from the previous day.
As the legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is effectively coming to an end, there is growing speculation that the world's largest asset management company, BlackRock, may submit an application for an XRP-based exchange-traded fund (ETF).
According to CoinKu, a cryptocurrency-focused media outlet, on the 8th, Nate Geraci, president of NovaDius Wealth Management, stated, "BlackRock may pursue an XRP ETF application after the lawsuit between Ripple Labs and the SEC ends," adding, "This would be part of BlackRock’s strategy to diversify its ETF products beyond Bitcoin and Ethereum."
Earlier the same day, the SEC and Ripple Labs agreed to withdraw their appeal and to cover their respective litigation costs. Geraci commented, "We're getting close to the finish line," reflecting the market’s growing expectations.
As of 16:35 on Binance’s USDT market, XRP was trading at $3.3448, up 11.26% from the previous day.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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