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Monday,04 December, 2023 18:33:37 PM

XRP Surges Double-Digit Following Fake BlackRock Filing

PBT: Nov 14, 2023 at 10:23:22 AM
XRP Surges Double-Digit Following

XRP, the native cryptocurrency of the Ripple network, experienced a substantial surge of over 15%, reaching $0.7315 on late Monday, triggered by a false filing related to BlackRock XRP Trust.

The price movements of Bitcoin are often influenced by news surrounding BlackRock's spot BTC exchange-traded fund (ETF), especially in instances of false or misleading information circulating.

The crypto market has witnessed similar scenarios in recent months, with the latest involving the appearance of BlackRock's iShares ETF ticker on the official Depository Trust &Clearing Corporation (DTCC) website. Many interpreted this as a sign of the SEC approving the application.

On Monday, another regulatory filing emerged online, suggesting that BlackRock, a major investment firm based in New York, was seeking approval for an XRP exchange-traded fund. The filing, submitted to Delaware's Division of Corporations, closely resembled BlackRock's spot Ethereum and spot Bitcoin ETF applications and was filed under the name and address of one of the investment firm's managing directors.

However, it was later revealed that the application was fraudulent. Bloomberg Intelligence Senior ETF analyst Eric Balchunas, after confirming with a BlackRock spokesperson, labeled the filing as "false." Balchunas suggested that someone might have used the name of a BlackRock executive to lend credibility to the filing.

In a post on X, Balchunas stated, "This is false! Confirmed by BlackRock by me. C'mon, man."

James Seyffart, another ETF analyst at Bloomberg Intelligence, supported Balchunas's claim, emphasizing that whoever initiated the false filing should cover their tracks, anticipating potential involvement from the Federal Bureau of Investigation (FBI).

Following the confirmation of the filing's falsity, XRP quickly retraced the significant gains it had made.

As of 4:32 a.m. ET on Tuesday, XRP was trading at $0.6643, showing a 0.91% increase in the last 24 hours and a 4.1% loss over the past seven days. The 24-hour trading volume surged by 216.87% to $3,227,106,809. According to CoinMarketCap, XRP's total circulating supply is 53,652,766,196 XRP, and its value has increased by 0.88%, resulting in a market cap of $35,631,964,486.

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