XRP is holding near $1.51 after falling about 5% over the past week, while speculation about a possible BlackRock spot XRP ETF has resurfaced. With the token testing a key support region, attention is turning to whether demand for existing XRP investment products is strong enough to support another major fund entering the market.

The immediate price range runs from $1.45 on the downside to $1.55-$1.56 on the upside. XRP’s next move will depend on how the token responds to these levels. It remains roughly 59% below its $3.65 all-time high recorded in July 2025.

Seven U.S. spot XRP ETFs currently hold about $1.77 billion in combined assets, including approximately 1.18 billion XRP, equal to around 1.9% of the circulating supply. After withdrawals, total investment into the funds stood near $1.79 billion, while contributions rose by roughly $76 million in the previous week.

The economics of the existing market could be another consideration for BlackRock. Applying a typical 0.25% annual fee to $1.77 billion in assets would generate around $4.4 million in fees per year across the seven issuers, before the revenue is split between them. A new entrant could seek market share through lower fees, but that would further compress the revenue opportunity compared with BlackRock’s much larger ETF operations.

Robbie Mitchnick, BlackRock’s head of digital assets, has previously pointed to client demand, market value, liquidity, maturity and portfolio fit when assessing potential crypto ETF launches. Client demand ranks as the key consideration. Even if the asset manager files a registration statement, that would only mark the start of the application process and would not automatically lead to XRP purchases. Spot ETFs generally buy the underlying asset when investors allocate capital to the fund.

The supplied price data shows XRP around $1.49-$1.50. CoinGecko’s historical records show a UTC close of $1.49 on September 29 and $1.50 on September 28. These are dated closing figures rather than live market prices. They show XRP testing the support area discussed in the report, but do not confirm that the level has broken.

Within the current setup, $1.50 is the main pivot, while $1.45 represents the lower threshold. A sustained recovery above $1.55-$1.56 would provide more evidence of stronger demand than a short-lived bounce around the pivot.

The available figures do not include moving-average or on-chain data, so they do not support broader technical conclusions beyond these price levels.

The pullback from $1.57 on September 25 to $1.49 at the September 29 UTC close adds context to the current test. XRP reached the support zone after a relatively sharp decline rather than a prolonged period of sideways trading. Still, the move does not determine whether the level will ultimately hold.

For that reason, XRP’s response to the key price thresholds currently offers a clearer market signal than the BlackRock speculation.

Canary Capital CEO Steven McClurg said in January 2026 that he believed BlackRock could potentially file for an XRP ETF by late 2026 or early 2027. BlackRock has not confirmed such a timeline, while the primary report states that no application or launch has been announced. The potential fund therefore remains an unconfirmed possibility.

BlackRock’s existing business relationship with Ripple does not provide confirmation of an XRP ETF. The asset manager accepts Ripple’s RLUSD stablecoin as collateral for BUIDL, its tokenized Treasury fund. RLUSD and XRP are separate assets, and the collateral arrangement does not establish plans for a spot XRP product.

Until there is a confirmed filing or another concrete announcement, XRP’s near-term setup is more directly defined by the $1.45-$1.56 range. Existing ETF demand is measurable, but its current asset base and estimated fee pool do not establish that BlackRock will launch a competing fund. A decisive move beyond the range or an official filing would provide a clearer signal about what comes next.