Crypto market analysts believe that a spot XRP ETF filing coming from the world’s largest asset manager BlackRock could speed up the approval process. This discussion sparks within the XRP community as the U.S. Securities and Exchange Commission (SEC) delayed the decision on ETF filing for Ripple cryptocurrency by Canary Capital and Grayscale.
BlackRock May Leverage XRP ETF Delays
On Tuesday, March 11, the US SEC delayed its decision for approval for the Canary spot XRP ETF and the Grayscale ETF, along with the delays in Solana ETF from Canary, VanEck, and others. Bill Morgan, a prominent lawyer and advocate for XRP, has raised speculation about BlackRock’s potential strategy amid ongoing delays in crypto ETF approvals.
Morgan added that BlackRock might see these delays as favourable to them, as it gives the asset manager some additional time to file an XRP-based exchange-traded fund (ETF) and gain a competitive edge in the market.
Although the asset manager hasn’t hinted at filing an Ripple ETF anytime soon, market analysts are hopeful of this development in the future.
Franklin Templeton Files XRP ETF Application
Despite the delays in approval by the US SEC, $1.5 trillion asset manager Franklin Templeton filed an application for an XRP ETF. According to the filing, Coinbase Custody Trust Company will serve as the custodian for the fund’s XRP holdings, ensuring secure storage of the digital assets.
The move marks a significant development in the evolving crypto ETF landscape, with Franklin Templeton joining the growing list of institutions vying to bring XRP-focused financial products to market.
Following the change of regime at the US SEC, and the Trump administration in charge, market analysts are hopeful for an XRP ETF. However, asset managers like BlackRock would be willing to wait for a settlement in the Ripple lawsuit, which could provide a clear path for filing an ETF application. Several market analysts believe that the settlement could happen before Ripple’s appellate brief submission on April 16, 2025.
XRP Price Action Ahead
XRP price is up 5% today amid the current ETF developments with open interest surging 2.28% to $3 billion. The 24-hour liquidations have surged to $ 13.85 million, with more than $7 million in short liquidations.
Mikybull Crypto highlights XRP as one of the strongest performers despite the ongoing market downturn. The analyst points to a daily bullish divergence on XRP’s chart, signaling potential upward momentum. Mikybull anticipates that XRP could see a significant rally once broader market recovery begins.
Source: Mikybull Crypto
The post Will BlackRock XRP ETF Application Convince US SEC for Approval? appeared first on CoinGape.
