XRP Price Set For Massive Rally As BlackRock And JPMorgan Make Their Move
October 19 2023 - 9:00AM
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Amid the struggles in the cryptocurrency market, recent reports
have suggested that the world’s largest asset manager Blackrock,
and financial giant JPMorgan might spark a massive bull run for the
XRP price as they work simultaneously. Blackrock, JPMorgan Move
Might Affect XRP Price According to the report, Forbes Senior
Contributor, Billy Bambrough, highlighted that Blackrock and
JPMorgan are purportedly laying the foundation for an impending
surge in the cryptocurrency sector. The report further identified
several collaborative cryptocurrency moves taken by the two
financial powerhouse firms. Related Reading: Analyst Predicts XRP
Price To Hit $100: Here’s How To Become A Millionaire Bambrough
pointed out a recent report that claims that the asset manager
recently utilized JPMorgan’s Ethereum-based Onyx network and
tokenized collateral service. Blackrock reportedly used the
network to tokenize shares from one of its financial market funds,
which was later transferred to the London-based Barclays in an
over-the-counter (OTC) derivatives trade. Over-the-counter (OTC)
derivative operations occur between two parties. However, the
specifics of the order quantity, cost, and other information of
Blockrock’s transactions with Barclays remain concealed from the
public. Following the report by Bambrough, it was revealed that
Blackrock became the first Wall Street giant to make use of
JPMorgan’s blockchain-based collateral settlement system. This was
part of a move that Blackrock’s Chief Executive Officer Larry Fink,
has stated will pave the way for the “next generation for markets.”
The Blackrock CEO’s previous statement in an annual letter to
shareholders where he emphasized blockchain technology as “very
important” in the past year was also mentioned in the report. Fink
highlighted the role that blockchain technology plays in their
financial operations. Blockchain technology enables traditional
assets to be “tokenized” on a public ledger, potentially
simplifying and lowering the cost of transferring anything from
stocks and bonds to real estate and alternative investments like
art. Due to this, Billy Bambrough believes that there will be a
significant increase in the price of digital assets such as XRP,
Bitcoin (BTC), and Ethereum (ETH) as a result of BlackRock and
JPMorgan entering the cryptocurrency industry, considering their
connections to the traditional market. In addition, Ripple is also
aiming to establish the XRP Ledger as a crucial platform for the
tokenization of real-world assets. BlackRock using XRP would not
doubt have an immense impact on the XRP price. An example of the
kind of rally it could trigger is what happened back in June with
Bitcoin when the asset manager announced it had filed for a Spot
Bitcoin ETF. Significance Of Blackrock’s Transaction Via JPMorgan
Blockchain So far, Blackrock’s partnering with JPMorgan marks a new
milestone for the financial firm. Blackrock’s recent transaction
via JPMorgan’s blockchain indicates a crucial contribution to the
volume of the Ethereum-based network Onyx. Related Reading: Ripple
Job Posting Sparks IPO Rumors, Will XRP Price Finally Cross $100?
Additionally, the operation could unveil a new world of
possibilities for established financial institutions which enables
them to free up capital and boost efficiency across separate
markets, as a spokesman from JPMorgan told Bloomberg. JPMorgan’s
Head of Trading Service Ed Bond, also stated that “institutions on
the network can use a wider scope of assets to meet any collateral
requirements they have on the back of trading.” XRP price settles
above $0.48 | Source: XRPUSD on Tradingview.com Featured image from
Binance, chart from Tradingview.com
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