XRP Dips Amid Speculation about a BlackRock XRP-Spot ETF Filing
XRP succumbed to profit-taking following the SEC‘s crucial vote on dropping its appeal against the Programmatic Sales ruling on August 7. The SEC and Ripple filed a Joint Stipulation of Dismissal, concluding the almost 5-year Ripple case. Uncertainty about BlackRock’s (BLK) plans to apply for an iShares XRP Trust weighed on sentiment.
XRP fell 1.84% on Saturday, August 9, following Friday’s 1.02% loss, closing at $3.2259. The token underperformed the broader market, which rose 0.92%, lifting the total crypto market cap to $3.87 trillion.
BlackRock iShares XRP Trust – Will They or Won’t They?
On Friday, August 8, reports emerged that BlackRock had poured cold water on hopes for an XRP-spot ETF application. Investors see the addition of an iShares XRP Trust to the list of pending applications as crucial for the success of an XRP-spot ETF market. The ETF issuer’s iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) dominate the BTC and ETH-spot ETF markets.
On Saturday, August 9, Nate Geraci, President of Nova Dius Wealth, shared a post from a prominent crypto commentator, Marty Party, who has 225.9k followers on X (formerly Twitter). Marty Party claimed that reports of BlackRock stating it had no plans for an XRP ETF or SOL ETF were false, saying:
“Correction: After several conversations this is verified as false. […] Both SOL and XRP ETFs are in discussion with BlackRock – timing cannot be confirmed – deadline is October to file.”
Geraci remarked on MartyParty’s post, stating:
“I have no idea who this dude is, but clearly has large following… Calling out journalistic standards of prominent crypto media outlet. I have no comment on that (they can defend themselves), but I obviously believe BlackRock will file for spot XRP & SOL ETFs.”
For context, IBIT has recorded total net inflows of $57,786 million since launch, leading the Fidelity Wise Origin Bitcoin Fund’s (FBTC) haul of $12,037 million. Meanwhile, ETHA has reported total net inflows of $9,847.5 million since launch compared with the #2-ranked Fidelity Ethereum Fund’s (FETH) net inflows of $2,388.9 million.
An XRP-spot ETF approval is the next potential price catalyst. Bloomberg Intelligence Senior ETF Analyst Eric Balchunas recently put the odds of an SEC approval at 95%. Meanwhile, according to Polymarket, the chance of an XRP-spot ETF approval sits at 75%.
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See all Bitcoin forecastsXRP Price Outlook: SEC Appeal Vote and ETF News
The near-term XRP price outlook hinges on several key events. These include:
- XRP-spot ETF headlines: BlackRock activity.
- Ripple’s US banking license.
- SWIFT-related developments.
- Legislative news from Capitol Hill
XRP Price Action: Technical Indicators Signal Bullish XRP Setup
Daily Chart
Despite a two-day losing streak, XRP trades above the 50-day and the 200-day Exponential Moving Averages (EMA), signaling a bullish bias.
- On the upside, a breakout above the August 8 high of $3.3826 could enable the bulls to target the crucial $3.5 resistance level. A sustained move through $3.5 could open the door to a test of the July 18 record high of $3.6606.
- On the downside, a drop below the $3.2 support level could expose the psychological $3 support level. If this breaks, the 50-day EMA will be the next key support level ($2.8777).
Broader Market Outlook
XRP-spot ETF developments are crucial. However, XRP remains exposed to external catalysts.
Broader macroeconomic headwinds—US stagflation risks and Fed monetary policy signals—may continue to influence risk appetite. Rising fears of a US recession and a hawkish Fed policy stance may weigh on XRP. Conversely, upbeat US economic data and rising bets on a September Fed rate cut could boost sentiment.
Looking ahead, crypto-related legislative developments and ETF-related news will be the key price catalysts.
Click here for expert XRP price forecasts and upcoming SEC deadlines.
