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BlackRock Sets XRP ETF Aside, Here’s What’s Happening
In a shocking turn of events, it appears that financial behemoth BlackRock has put its plans to launch an XRP ETF on hold. The information comes as a surprise to many in the cryptocurrency space, given the recent surge in interest towards Ripple’s native token.
According to a report from Bithomp, the source of this news is a significant transfer of XRP funds. It was discovered that 99 million XRP tokens were transferred from an affiliate wallet associated with Ripple’s blockchain heavyweight. The destination of these tokens is none other than Bitgo, a US-based crypto exchange and custodial platform for financial institutions.
This massive transaction comes just one day after the same data source shared information about two enormous transfers of XRP. These transactions totaled 380 million and 200 million XRP, which translates to roughly $1.5 billion in fiat currency. Over the past week, the price of XRP has seen a significant surge, gaining approximately 22.8% and currently trading at $2.36.
This sudden change in sentiment from BlackRock is particularly noteworthy given the recent interest in Ripple’s native token. Despite the uncertainty surrounding the ETF’s future, it remains to be seen how this development will impact the overall cryptocurrency market.
Source: u.today
