- The fake BlackRock XRP Trust filing led to a brief surge and fall in XRP price, impacting market sentiments and triggering trading activity.
- Despite the false filing, XRP’s value settled around $0.66, with heightened trading volume indicating continued interest among traders amidst market fluctuations.
A filing claiming a BlackRock XRP Trust appeared on Delaware’s investment trust registry, sparking a dramatic 15% surge and subsequent fall in XRP value within a brief period.
The filing, under the name “iShares XRP Trust,” appeared on the Delaware Department of State’s Division of Corporations website, seemingly tied to BlackRock. This filing, erroneously attributed to BlackRock, swiftly triggered a significant spike in the value of XRP, escalating in a matter of hours. However, this surge was short-lived once it became evident that the filing was fraudulent. XRP’s value, having peaked during this period, now stands at $0.66.
Fraudulent Filing And Price Fluctuations
Bloomberg analyst Eric Balchunas, citing a source within BlackRock, confirmed the inauthenticity of the filing. Despite its appearance on the Delaware site, the filing did not originate from BlackRock. The incident raises questions about the origin and intentions of those using BlackRock’s identity for such filings, a concern underscored by Balchunas as perplexing and concerning.
Ripple Effect On XRP Prices And Market Dynamics
The episode triggered a ripple effect within the crypto market, amplifying anticipation around the potential SEC approval for a spot Bitcoin ETF. As a result of this misplaced information, Bitcoin’s recent price surge has increased from $25,000 to more than $37,000.
Amidst this, BlackRock did indeed file for an Ether-based fund, which was legitimate and coincided with a surge in Ether’s value. Curiously, the spurious XRP filing carried the same contact name as the genuine Ether filing, raising further questions about its origins and motives.
XRP Price And Trading Activity
Following the fraudulent filing, XRP experienced a swift 15% surge and decline in value, settling at $0.66. This cryptocurrency has been trading sideways between $0.645 and $0.740 since yesterday morning. Additionally, trading volume surged by 250% during this period, suggesting active interest from traders in light of the market volatility.