thecryptobasic.com
With $XRP overtaking BlackRock in the global assets ranking, Zach Rector voiced a firm conviction that the world’s largest asset manager will eventually launch an $XRP ETF.
$XRP registered a significant rally over the weekend, which saw it overtake BlackRock in the global asset ranking. The cryptocurrency reached a 7-day high of $3.12 yesterday, translating to a market cap of $185.18 billion.
$XRP Enters Top 100 Global Assets Ranking
This performance catapulted $XRP into the top 100 global assets by market cap, while surpassing BlackRock along the way. Despite recording a slight correction to $2.98, $XRP continues to rank ahead of BlackRock and remains among the world’s top 100 assets.
He suggested that it could be an awkward moment for the BlackRock team members to watch as $XRP’s market cap surpasses that of the firm. Consequently, Rector predicted that BlackRock, which currently offers Bitcoin and Ethereum ETFs, will definitely file and launch a similar product for $XRP.
The reasoning is that with $XRP’s soaring valuations in the global asset ranking, the world’s largest asset manager may see value in the cryptocurrency.
Rector also issued another bold forecast, speculating that the potential BlackRock $XRP ETF will outperform the company’s Ethereum exchange-traded fund (ETHA). At press time, ETHA boasts a total inflow of $12.15 billion, positioning it as the best-performing spot Ethereum ETF globally.
No Immediate Plans for $XRP ETF
Despite Rector’s bold prediction, BlackRock has continued to dismiss any immediate plans to roll out a spot ETF tied to $XRP. The company has yet to show interest in $XRP even though several asset managers are vying to launch spot $XRP ETFs in the United States.
However, many expect the company to change its stance following the conclusion of the Ripple lawsuit, which removed the regulatory tension surrounding the token.
Meanwhile, Nate Geraci of NovaDius Wealth Management warned that BlackRock risks losing its dominance in the crypto ETF market if it delays filing for an $XRP ETF.