The world’s largest asset manager, BlackRock, has broken its silence on whether it intends to file for an XRP ETF. This follows months of speculation that the firm could soon file to offer this fund. BlackRock Has No Plans For An XRP ETF For Now A BlackRock spokesperson told The Block that they have no plans to file for an XRP ETF at this time. This ends speculations that it will join eight other asset managers who have already filed to offer this fund. The world’s largest asset manager already offers Bitcoin and Ethereum ETFs, and based on the statement, the firm plans to stick with only the two largest crypto assets. Related Reading: BlackRock To File For XRP ETF After Ripple-SEC Settlement? Market Expert Answers NovaDius Wealth President Nate Geraci was one of those who had speculated that BlackRock was going to file for an XRP ETF soon. Prior to the asset manager’s statement, Geraci opined that the firm was waiting for the Ripple SEC lawsuit to end before filing for an iShares XRP ETF. He made this prediction following Ripple and the SEC’s filing of a joint dismissal to end the XRP lawsuit. Geraci further remarked that it makes “zero” sense for BlackRock to ignore crypto assets beyond Bitcoin and Ethereum. He added that if they do that, they are basically saying that BTC and ETH are the only crypto assets that will ever have value. Following BlackRock’s statement, the NovaDius Wealth president said that the firm’s decision not to file for an XRP ETF will be looked on as a mistake. Bloomberg analyst Eric Balchunas also weighed in on BlackRock’s decision not to file for an XRP ETF. He asked Geraci if an XRP filing is enough or if he feels the world’s largest asset manager should also file for SOL, Tron ETFs. He further questioned where exactly the line should be drawn on how many crypto ETFs asset managers should offer. Potential Demand For These Funds Nate Geraci believes that there will be significant demand for the XRP ETFs, which is one reason why he thinks BlackRock is making a mistake by not filing for one. He noted that futures-based XRP funds have taken in over $1 billion since their launch this year. He opined that this proves that there will be “real” demand for the spot funds. Related Reading: XRP Price Projection: 5 Key Things To Watch Out For As The Bull Market Unfolds Pro-XRP lawyer John Deaton is confident that BlackRock will still file for an XRP ETF. He said that he is willing to bet that this happens within a year. BlackRock’s failure to file for this ETF now and opt to do so later could prove costly since the pending applications could have the first-mover advantage. According to Bloomberg analysts James Seyffart and Eric Balchunas, there is a 95% chance that the SEC approves these funds this year. At the time of writing, the XRP price is trading at around $3.26, down in the last 24 hours, according to data from CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com
XRP’s price outlook has taken an unexpected twist as one of its most ardent supporters, EGRAG CRYPTO, issued a short-term bearish prediction. Known across the crypto community for his unwavering bullish stance on XRP, EGRAG’s latest forecast has caught many by surprise. In a post shared on social media platform X, the analyst warned that the current market structure could push XRP into a significant short-term decline before any meaningful recovery unfolds. EGRAG CRYPTO Warns Of Potential Drop Toward $1.24 Before Rally According to EGRAG CRYPTO, the immediate technical outlook for XRP points to the possibility of a sharp correction. Backing up his forecast, EGRAG CRYPTO shared a detailed price chart showing the current position within a broader bull market structure. The chart shows how XRP is currently trading below the bull market support band. Notably, XRP’s position below the bull market support band has dragged on for over month, ever since it broke below in the middle of March. The longer XRP continues to trade below this band, the higher the possibility of a significant retest. Related Reading: XRP Surpasses Ethereum In This Major Metric After Outperforming For 6 Months EGRAG CRYPTO noted that the XRP price has failed so far to reclaim the $2.33 and $2.45 resistance zones, which sit at the upper edge of the bull market support band on the daily timeframe chart. He explained that as long as the price continues to trade under the $2.33 and $2.45 thresholds, bears could remain in control and drag the asset lower toward the 0.702 Fib extension level. In terms of a price target, this 0.702 Fib is currently sitting at $1.24, which means the price could crash towards this level before rebounding above the bull market support band. Interestingly, this $1.24 zone coincides with an important breakout structure from November 2024, which served as the launchpad for XRP’s rally to $3.4. Consequently, retesting this zone could serve as a validation of prior breakout strength and ultimately fuel a more sustainable long-term uptrend. EGRAG CRYPTO’s Advice: Accumulate XRP Instead Of Panic Selling Despite his short-term bearish tone, EGRAG urged holders not to panic or make emotional decisions. Addressing concerns he anticipated from followers, he made it clear that he does not advise selling XRP to try and time a lower re-entry. Instead, he encouraged the community to continue accumulating during the predicted dip, rather than chasing short-term market trends. Related Reading: XRP ETFs And A Price Surge: What To Expect If The SEC Gives Greenlight A dip to $1.24, while unsettling for some, could pave the way for a much larger rally that would push the altcoin into the long-anticipated double-digit territory. In another analysis, EGRAG CRYPTO predicted a long-term XRP price target of $27. At the time of writing, XRP is trading at $2.27, up by 5.13% and 7.26% in the past 24 hours and seven days, respectively. This comes as a response to ProShares securing SEC approval to launch three XRP Futures ETFs on April 30. Similarly, the first XRP Spot ETF was recently launched by crypto asset manager Hashdex in Brazil. Featured image from Adobe Stock, chart from Tradingview.com
According to data from CoinMarketCap, XRP recorded a substantial price decline in the past trading week losing 16.78% of its market value. Currently, the prominent altcoin finds itself in a consolidation zone potentially gathering momentum for its next breakout. Related Reading: Dogecoin Price To $1, XRP To $6, And Solana To $1,000? Pundit Says You’re Not Bullish Enough XRP Price At Crucial Juncture In a recent X post, popular digital asset expert Egrag Crypto shared a technical analysis of the XRP market presenting both possible bullish and bearish scenarios. This analysis was based on Fibonacci retracement levels which identifies potential support and resistance levels and the 21-day exponential moving average which smoothens out price data giving more weight to recent prices. According to Egrag Crypto, XRP is expected to range between $2.27 (Fib 0.382) and $2.45 ( Fib 0.5). However, there is potential for prices to swing within a wider boundary of $2.06 (Fib 0.236) – $2.65 (0.618). Notably, the altcoin gained by 1.67% in the past day. However, a daily price close above the 21 EMA which is currently at $2.70 is crucial in confirming any uptrend. Interestingly, if market bulls are able to force a strong close above $2.80 (Fib 0.702), this would suggest a major bullish signal indicating the current XRP buying pressure is sufficient to break higher resistance levels. On the other hand, Egrag Crypto warns that traders must avoid any price fall to $1.77 which may not necessarily invalidate the current bullish structure but would suggest rising bearish pressure. Related Reading: Altcoins Season: Recent Crypto Dip Shows Decline May Be Over And Bulls Are Taking Charge XRP Market Overview At the time of writing, XRP trades at $2.49 after a 4.43% increase in the last 24 hours as previously stated. However, the asset’s trading volume is down by 56.85% indicating a lack of interest and uncertainty in the market. However, considering XRP’s overall bearish form in the last seven days, a fall in trading volume may also suggest reduced selling pressure pointing to a potential reversal. Generally, XRP investors remain bullish on the asset’s prospects driven by several factors but most notably by the potential of an XRP Spot ETF. In the past week, there were significant developments on that front as the Chicago Board Options Exchange filed 19b-4 applications with the US Securities and Exchange Commission (SEC) seeking to list and trade the XRP spot ETFs proposed by WisdomTree, Bitwise, 21 Shares, and Canary. Once the SEC acknowledges receipt of these applications, the US regulator is granted a 45-day window – with potential extensions of up to 240 days – to assess and make an approval decision on the proposed ETFs. Featured image from Trackinsight, chart from Tradingview