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Crypto pundit SonOfaRichard has weighed in on speculation surrounding a potential BlackRock XRP exchange-traded fund (ETF), clarifying that while BlackRock has not filed for a U.S. spot XRP ETF, that absence should not be mistaken for inactivity or delay in XRP’s broader adoption.
According to the analyst, XRP is not waiting on BlackRock’s permission to move forward. Spot XRP ETFs already live in the United States through other issuers, with capital flowing, distribution channels established, and supporting infrastructure already operating.
SonOfaRichard described BlackRock’s current posture as “textbook,” consistent with how the asset management giant has historically entered new markets.
Rather than rushing to file products early, BlackRock typically builds internal custody and operational capabilities first, waits for sufficient regulatory clarity and liquidity depth, and only enters once conditions are considered institutionally clean.
The analyst pointed to BlackRock’s ongoing hiring of digital-asset talent, its expansion of ETF infrastructure, and its maintenance of both gold and crypto products as balance-sheet tools rather than narrative-driven trades. In his view, these actions signal preparation rather than hesitation.
Also Read: XRP Sentiment Flips Negative, But There Is a Bullish Catch – Here’s What You Should Know
Quick, clean update on BlackRock, ETFs, digital assets, and XRP — mechanics only:
BlackRock has not filed a U.S. spot XRP ETF. That’s still true.
But that does not mean XRP is waiting on permission.
Spot XRP ETFs are already live in the U.S. through other issuers. Capital is…
— SonOfaRichard (@heythereRich) December 22, 2025
A key point in the commentary is that ETFs themselves do not inherently create demand. SonOfaRichard argued that ETFs function as financial wrappers, while gold acts as confidence collateral, and XRP, alongside the XRP Ledger, serves as settlement and liquidity plumbing.
From this perspective, a future BlackRock XRP ETF would not suddenly invent demand for XRP. Instead, it would formalize and amplify demand that is already present, potentially unlocking access at a much larger institutional scale.
Rather than focusing solely on ETF filing headlines, the analyst urged market participants to watch the underlying mechanics. These include custody developments, the role of major custodians and market makers such as Jane Street, and the evolution of settlement rails.
According to SonOfaRichard, this is where the real signal lies—not in announcements, but in infrastructure quietly being put into place.
In closing, the analyst suggested that if BlackRock eventually files for a spot XRP ETF, the move would not mark the beginning of XRP’s institutional relevance. Instead, it would represent an amplification phase, formalizing systems that are already functioning and potentially driving significant incremental demand through scale.
For now, BlackRock’s actions appear consistent with long-term positioning rather than short-term product launches, reinforcing the view that XRP’s institutional story is unfolding with or without a single high-profile filing.
Also Read: XRP Escrow Already Pre-Allocated to Central Banks and Global Institutions? Ex-London Banker Reveals
The post Here’s What a Potential BlackRock XRP ETF Won’t Do: Analyst appeared first on 36Crypto.
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