XRP Price Surge to $4.2: Can It Defy Odds After Blackrock’s ETF Snub?
Blackrock just slammed the door on an XRP ETF—so why are traders still betting on a rally to $4.2?
Ripple's resilient token keeps dodging bearish sentiment, even as institutional heavyweights take a pass. Market chatter suggests retail FOMO could fuel the next leg up, but skeptics warn: 'Hope isn’t a trading strategy.'
Meanwhile, crypto Twitter oscillates between moon math and doom charts. Classic.
As the crypto market rallied, XRP price also saw a big push inviting hopes of seeing higher levels for the coin in the near future.
That said, Ripple went through multiple developments over the last few days, and xrp price saw considerable upside, maintaining above the $3 level.
Blackrock Will Not Pursue XRP ETF
While Ripple has a lot going on in its favor at this point and XRP price is making strides, Blackrock’s decision not to pursue XRP ETF comes as a surprise.
After a much anticipated conclusion to the dramatic XRP lawsuit, the price skyrocketed and market analysts, including ETF expert Nate Geraci, were sure that was the only thing stopping Blackrock from filing for an XRP ETF.
Clearly, not everyone agreed with Geraci, as Bloomberg senior ETF analyst Eric Balchunas asserted that BlackRock may stick with only two crypto ETFs.
It is noteworthy here, that BlackRock was earlier reluctant to even file for a spot Bitcoin ETF. Responding Geraci’s question as to whether Blackrock was likely to file for an index-based crypto ETF this year, Balchunas stated,
“I don’t think so not this year anyway. But hard to tell beyond that. I just think they very content for now.”
Blackrock soon dismissed the anticipation, clarifying that it has no plans for XRP ETF or even SOL ETF for that matter.
According to Bloomberg analysts, XRP ETFs have 95% odds of approval by the SEC. Grayscale, Bitwise, Canary, 21Shares, WisdomTree, Franklin, and CoinShares have filed for XRP ETF approval, with the final deadline coming up in mid-October.
Ripple vs SEC Lawsuit Officially Ends as Predicted
In a court filing on August 7, the US SEC and Ripple submitted a joint stipulation of dismissal in the Court of Appeals for the Second Circuit.
The filing marked an official announcement of dropping the appeal and cross-appeal, ending the long-running lawsuit.
Notably, The Coin Republic accurately predicted the date for appeals dismissal in the Ripple vs SEC case.
Typically, the US SEC takes 1-2 months to approve an enforcement recommendation, with Judge Analisa Torres’ last decision to reject the indicative ruling motion taken on July 26.
Also, several lawyers, such as Marc Fagel, Bill Morgan, and Fred Rispoli, claimed the need for an approval vote before the August 15 deadline to prevent the status report from becoming a non-issue.
XRP Price to Hit $4.2 Next
The Coin Republic also recently accurately predicted XRP price recovery to $3.34. The reason was a rebound from the Fibonacci golden zone, massive continuous inflows into XRP funds, and resistance levels.
After the recent upside yesterday, the bull flag pattern breakout in the last 24 hours signaled the next XRP price target of $4.2.
The bearish pressure on XRP has retreated fast, with the previous ATH of $3.65 as the next resistance level to watch.
Moreover, options traders also eye $4.2 as the next level. Some have even bet higher, targeting $4.5 and $5 by September.
According to Deribit data, the strike price of $4.2 has more than 2,600 call bets with a notional value of over $8.6 million for the September quarterly expiry.
In a latest update, however, XRP price saw some downside after Blackrock declined any likelihood of XRP ETF plans.
At the time of writing, it was 0.29% down at $3.32. The 24-hour low and high were $3.21 and $3.35, respectively.
The derivatives market showed massive buying continued in the last few hours, as per CoinGlass data. At the time of writing, the total XRP futures open interest climbed 16% to $8.86 billion.
