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XRP Price Surges Amid Fake BlackRock ETF News

PBT: Nov 14, 2023 at 11:39:22 AM
XRP Price Surges Amid

Following the news of BlackRock's purported exchange-traded fund (ETF) filing, XRP's (XRP) value experienced a brief 10% spike before returning to its initial valuation.

The filing initially believed to be from BlackRock, turned out to be fake, as revealed by a submission to the Delaware Divisions of Corporations published on their website. The fraudulent filing, which mentioned XRP specifically, mirrored earlier ETF filings for Bitcoin (BTC) and Ethereum (ETH), including consistent details like the registered agent's name and address.

The apparent authenticity of the filing raised questions about its legitimacy, as fraudulent submissions are typically removed promptly. The application process for such filings involves stringent verification protocols, requiring notarized witnesses, the Grantor's signature, and thorough identity verification by registered agents.

However, BlackRock refuted the claims of authenticity to ETF analyst Eric Balchunas from Bloomberg on November 13. Once the filing's fraudulent nature was confirmed, the price of XRP retreated from a 12% increase to its previous level of $0.66.

The news of the fake filing created ripples in the crypto community, leading to the spike and subsequent retracement in XRP's price. Journalists in the space emphasized the consequences of trading based on speculation.

This incident mirrors a similar occurrence a month ago when Cointelegraph falsely reported the Securities Exchange Commission's (SEC) approval of BlackRock's iShares Bitcoin Trust ETF.

As of the current press time, XRP is trading at $0.65, reflecting a -0.11% downturn in the previous 24 hours. This comes after a -4.88% change in the 7-day period, contrasting with the 34.19% gains made over the last 30 days. The fluctuations are largely attributed to the ongoing developments in the Ripple vs. SEC case, with investors eager to understand the potential impact of its resolution on the cryptocurrency.

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