Blackrock Denies Rumors of XRP ETF
With the growing interest in cryptocurrency exchange-traded funds (ETFs), rumors began circulating on social media that Blackrock, the world’s largest asset manager, had registered a spot XRP ETF named “Ishares XRP Trust.”
However, Bloomberg Senior ETF Analyst Eric Balchunas and others quickly debunked the rumor, confirming that it was false. The fake news caused the price of XRP to soar 7% before plummeting back to its original level.
Blackrock Sticks with Bitcoin and Ethereum
Despite previous rumors about Blackrock shifting its focus to XRP, these were proven false. Blackrock has already filed for a spot bitcoin ETF called Ishares Bitcoin Trust and also filed for a spot ether ETF called Ishares Ethereum Trust. While the SEC has approved some ETFs based on crypto futures, they have not yet approved any spot crypto ETFs.
XRP Continues to Make Progress
Despite the fake news about Blackrock’s involvement with XRP, there have been positive developments for the cryptocurrency. The Dubai Financial Services Authority recently recognized XRP as a crypto token, and in July, District Judge Analisa Torres ruled that “as a matter of law, XRP is not a security.”
Hot Take
Rumors about Blackrock registering an XRP ETF were quickly denied, but despite this setback, XRP continues to gain recognition and positive rulings in its favor.
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