BNY Overview

Regulatory Clarity Achieved: XRP has gained full regulatory clarity after the SEC's final appeal closed in August 2025, confirming that XRP's exchange-based sales are not securities, which has led to increased market confidence and liquidity.

Institutional Interest and Market Dynamics: Following the legal resolution, institutional interest in XRP has surged, with significant growth in CME futures open interest and renewed support from major exchanges, indicating a robust derivatives infrastructure.

ETF Speculation and Payment Utility Growth: Speculation around potential ETF approvals is rising, with multiple issuers refreshing filings, while Ripple's On-Demand Liquidity (ODL) services are expanding, particularly in Europe and Southeast Asia.

Market Risks and Future Projections: Despite the positive developments, macroeconomic factors and competition pose risks to XRP's growth, with conservative price projections ranging from $1.50 to $2.25, while a bullish scenario could see prices rise to between $8 and $15, depending on institutional demand and market conditions.

Distribution Announcements: BlackRock has announced distributions for various closed-end funds, including municipal, taxable municipal, taxable fixed income, equity, and multi-asset funds, with declaration dates set for November 3, 2025, and payable dates on November 28, 2025.

Managed Distribution Plans: The BlackRock Capital Allocation Term Trust and BlackRock ESG Capital Allocation Term Trust have adopted managed distribution plans to maintain a consistent monthly distribution of income, capital gains, and/or return of capital, calculated based on their 12-month rolling average daily net asset value.

Estimated Sources of Distributions: The estimated sources of distributions for the funds include net income, net realized short-term gains, net realized long-term gains, and return of capital, with many funds expected to distribute more than their income and gains, indicating a potential return of capital.

Forward-Looking Statements: BlackRock cautions that forward-looking statements regarding the funds' performance and distributions are subject to various risks and uncertainties, and actual results may differ significantly from those anticipated.

XRP Price Decline: Despite the upcoming Ripple Swell conference, XRP has dropped 7.5% this week, trading around $2.49, as investor sentiment remains cautious and expectations for significant announcements are low.

Swell Conference Lineup: The conference features notable speakers, including White House crypto adviser Patrick Witt and executives from major financial institutions, focusing on topics like tokenized assets and cross-border payments.

Market Sentiment: Unlike previous years where Swell events led to price surges, current market sentiment is weary, with traders showing less enthusiasm for potential partnerships or adoption stories.

Technical Indicators: XRP's price action suggests further downside risk, with bearish signals from technical indicators and a potential drop to $2.09 if it falls below key support levels.