XRP coin crashes badly, as insider reveals BlackRock has no plans to launch XRP spot ETF

On Jan 20, 2024

A Fox Business reporter confirmed that BlackRock has no plans to launch an XRP cryptocurrency-focused spot ETF.

Just a week ago, BlackRock CEO Larry Fink said that he “can’t talk about that,” referring to the company potentially launching an XRP ETF. Many people considered Fink’s statement as a hint that BlackRock planned to launch an XRP spot ETF product.

Following all such reports & speculations by the XRP proponents, Fox Business reporter Charles Gasparino dismissed all these speculations on behalf of insiders.

Charles Gasparino said that insiders directly related to this matter confirmed that BlackRock had no plans for XRP spot ETF product.

SCOOP: @BlackRock has no plans for a spot $XRP ETF, according to people with direct knowledge of the matter story developing
— Charles Gasparino (@CGasparino) January 18, 2024

Now the frustration level among the people can be seen, where people are asking why BlackRock CEO failed to deny such speciations in his latest interview.

Sources ? Larry Fink said not talking about it…if it was a no…why not deny outright in your recent interview ? @CGasparino
— Prosperity Fund (@prosperity_fund) January 18, 2024

Following this news, the trade price of XRP coin crashed by nearly 6% within a couple of hours but later again recovered, which can be seen in the XRP trade price graph.

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XRP coin crashes badly, as insider reveals BlackRock has no plans to launch XRP spot ETF 1

Earlier this we reported that Ripple CTO David Schwartz pitched the idea of XRPL blockchain use for the $1.3 trillion asset manager firm Franklin Templeton.

I agree @FTI_US! The XRPL's decade-long track record in reliability and stability is unmatched, especially in tokenizing and exchanging both crypto-native and real-world assets. #XRPL https://t.co/bvkxIrArPH
— David "JoelKatz" Schwartz (@JoelKatz) January 18, 2024

Ripple vs SEC

Ripple Labs is the backend developer firm behind the XRPL blockchain. Ripple provides international payment services globally for small & big businesses with the help of its XRPL network.

In Dec 2020, the United States Securities and Exchange Commission (SEC) sued Ripple for using XRP in payment services. Also, the SEC agency labelled the XRP coin as an unregistered security token.

In Q3 2023, the court judge ruled in the Ripple vs SEC suit as said that XRP was not a security token. So far the legal battle is active between Ripple & SEC.