Quick overview

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BlackRock, the world’s biggest digital asset management firm, rejected the notion of introducing a Spot exchange-traded fund (ETF) based on Solana (SOL) or Ripple (XRP). The industry leader in digital assets, with $11.5 trillion in assets under management (AUM), is renowned for Ethereum (ETH) and Bitcoin (BTC) Spot ETFs.

Many market watchers anticipated that BlackRock would be the next company to propose an ETF product based on Ripple after the SEC case.

In addition to Ripple (XRP), Solana’s SOL candidacy for a BlackRock crypto ETF is currently ruled out. In an interview with The Block, representatives of BlackRock said that the company’s current roadmap is focused solely on Bitcoin (BTC) and Ether (ETH).

BlackRock’s Head of Digital Assets, Robbery Mitchnick, previously stated that there is “very little demand” for other ETFs.
BlackRock’s entry into the Ripple ETF Market was hinted at by Nate Geraci, the President of the ETF Store, a few days before this. Eric Balchunas, the top ETF specialist at Bloomberg, asserts that

BlackRock has declined the XRP ETF proposal due to the strong profitability of its existing IBIT and ETHA ETF products, which focus solely on Bitcoin and Ethereum. Following the resolution of Ripple’s legal issues with the SEC, an increase in futures open interest and a positive market sentiment could drive XRP’s price back up to $6. The rise in open futures interest indicates that the market is quite confident in XRP’s potential price movement.

Several technical indicators suggest that XRP is likely to experience a price increase to $6. Two key factors supporting this optimistic outlook are the recent surge in open interest in futures contracts and the resolution of Ripple’s legal dispute with the SEC.