- BlackRock denies XRP ETF plans and is focusing on Bitcoin and Ethereum ETFs instead.
- XRP sees strong market performance with a 7.77% gain and $10B trading volume.
- Technical indicators show bullish momentum for XRP, despite cooling RSI levels.
BlackRock, the New York-based biggest asset manager globally, was rumored in readying to to file an XRP ETF. This speculation, as described by Lark Davis, an analyst, created a lot of hype in the crypto market where people were waiting for a massive volume of liquidity.
Nevertheless, BlackRock has swiftly dismissed these claims, affirming that it has no current intentions of marketing an XRP-based exchange-traded fund. Rather, the financial giant is focusing its energy on growing its stake in Bitcoin and Ethereum ETFs, which is still by far its main subject of interest.
No XRP ETF from BlackRock Yet
Market watchers had anticipated BlackRock’s entry into XRP-based products following rumors of a filing for an XRP exchange-traded fund. However, Jay Jacobs, head of BlackRock’s ETF department, confirmed that the company’s primary focus is on spot Bitcoin and Ethereum ETFs. These offerings have yet to reach their full customer base, making their expansion a top priority.
While XRP has witnessed significant price action, BlackRock has chosen to sideline altcoin ETFs for now. Instead, the company aims to deepen its reach with current offerings, reinforcing the position of Bitcoin and Ethereum as core components of its crypto strategy.
Market Trends and Price Analysis for XRP
BlackRock’s absence from the XRP ETF space hasn’t stalled performance from XRP on the market. The price of the cryptocurrency is trading at $2.50, up by 7.77% in the past 24 hours, at press time. Investor interest is continuing with strong trading volume above $10 billion.
This recent surge follows a bullish trend that began in early November, driving XRP from $0.50 to its current peak. Further momentum upward has been tempered by resistance around $2.50 but the support levels around $2.00 and $1.50 act as a strong foundation for future price activity.
Technical Indicators Suggest Bullish Momentum
Key technical indicators reveal a continued bullish outlook for XRP. The RSI stands at 65.46, remaining in positive territory despite cooling off from its peak. The MACD also supports this sentiment, with its blue line above the orange signal line. While the histogram shows a decrease in momentum, this may indicate a consolidation phase rather than a reversal.
