NEW DELHI (CoinChapter.com) — Investment firm Blackrock has reportedly stated that it has no plans to launch a spot XRP exchange-traded fund (ETF) any time soon. The news would certainly XRP crypto fans, who expected that the Ripple token might have its own ETF soon.
In an X post, Fox Business’s Charles Gasparino cited people “with direct knowledge of the matter” to claim that there are no plans for a spot XRP ETF. However, Gasparino stated that the story was still developing.
Interestingly, the finance journo is publically against XRP, often sharing social media posts belittling XRP traders and fans, often called the ‘XRP Army.‘
Naturally, Gasparino’s post attracted the ire of the XRP community, with several users taking shots at the journo. One trader noted that “XRP is the only crypto with regulatory clarity by a court defining it.”
Another X user parodied Gasparino’s post about Blackrock denying XRP ETF chances to make it sound as if the journo would never get the Pulitzer Award, stating
SCOOP: Pulitzer has no plans for @CGasparino, according to people with direct knowledge of the matter. Story developing.
In return, the Fox Business correspondent went toe to toe with all the hate posts, usually calling the irked XRP fans “sad.”
Brad Garlinghouse Optimistic Of Crypto and XRP’s Future Despite Challenges
In a recent interview with Fox Business’s Maria Bartiromo, Ripple CEO Brad Garlinghouse shared his insights on the current state of cryptocurrency regulation. Garlinghouse emphasized that the recent Bitcoin ETF approval would help enhance the mainstream adoption of crypto assets.
The chief XRP crypto supporter highlighted the need for outcome-focused regulations for the crypto sector.
“Well, I think the number one thing I think about is not about regulating the technology. It’s about regulating the outcomes and the activity. Just because we have new technologies, we should still care about things like KYC.“
Garlinghouse said
Moreover, the Ripple CEO noted that the Commodity Futures Trading Commission (CFTC) might be a better fit as a crypto regulator than the SEC. Garlinghouse alleged that SEC chief Gary Gensler’s approach to crypto assets like XRP was akin to regulation through enforcement.
The Ripple chief claimed that the SEC was “overstepping” in its interpretation of the laws, especially in the regulator’s war against the XRP crypto token.
Additionally, Garlinghouse highlighted Ripple’s growth outside the United States, claiming better regulatory clarity in the regions. However, the Ripple CEO did not mention anything about an XRP ETF or address rumors of Blackrock not entertaining the idea of one.
XRP Price In No Hurry To Start A Rally
Meanwhile, the XRP ETF hype has failed to sustain the token’s price rally, with XRP price dropping nearly 8% WTD to reach a daily low near $0.544 on Jan. 19.
An increase in selling pressure might force XRP price to drop to the support near $0.52. Moreover, breaching the immediate support could see the XRP crypto token drop to the support near $0.486 before recovering.
Conversely, a rally from here would bring XRP cryptocurrency price to the 200-day EMA (green wave) resistance near $0.547. Moreover, breaking and consolidating above the EMA resistance could help the Ripple token rise to the resistance near $0.6.
The RSI for XRP remained neutral, with a score of 35.75 on the daily charts.
