BlackRock Inc. has decided not to participate in the first wave of proposed exchange-traded funds (ETFs) based on XRP, focusing instead on Bitcoin and Ether.
BlackRock's Absence from the ETF Market
Reportedly, the world’s largest asset manager, BlackRock, currently has no plans to file for an XRP ETF. This decision follows the resolution of Ripple Labs Inc.’s long-standing legal battle with the U.S. Securities and Exchange Commission, which many considered a key hurdle for regulated XRP products.
Competitors Taking the Lead
BlackRock's absence opens the door for competitors such as Grayscale Investments, Franklin Templeton, and Bitwise Asset Management, who now hold a leading position. Industry experts note that first movers in crypto ETFs typically capture the lion’s share of liquidity and advisory attention.
XRP Market and Technical Picture
XRP continues to rally, trading between $2.93 and $3.41 after a 10.36% weekly gain. Current prices reflect a 19.26% increase over the month and 35.10% over the last six months. Technical indicators like the Relative Strength Index (RSI) and Stochastic Oscillator suggest stable growing interest in the token.
The future of BlackRock’s potential entry into the XRP ETF race will depend on how quickly competitor products scale, which could influence their decision.
