XRP Price Leaps 16% On Fake BlackRock ETF Filing: Details
November 13 2023 - 11:47PM
NEWSBTC
On late November 13, the XRP price experienced a significant surge,
momentarily jumping by 16% following a purported exchange-traded
fund (ETF) filing by BlackRock, which quickly turned out to be
fake. The incident began when X (formerly Twitter) users shared a
filing in Delaware suggesting that BlackRock, the global asset
management giant, had registered the “iShares XRP Trust”. This
action is typically a precursor to launching an ETF. Consequently,
the XRP price soared to $0.75, a 16% increase, within just 25
minutes of the news breaking. However, the excitement was
short-lived. Bloomberg ETF analyst Eric Balchunas confirmed the
filing as fake after direct communication with BlackRock
representatives. Balchunas indicated that the XRP trust had been
falsely listed on the Delaware website using the name of Daniel
Schwieger, a managing director at BlackRock. Related Reading: XRP
Will Diverge Away From Price Speculation: Crypto Pundit In a X
post, Balchunas stated, “This is false! Confirmed by BlackRock by
me. Some whacko must have added using BlackRock executive name etc.
Cmon man. […] Some ppl questioning whether BlackRock actually
confirmed to me this is false. They did. A spokesperson confirmed.
If that’s not enough and you are still raging, then please seek
medical help.” Adding to this, Bloomberg’s James Seyffart remarked
on the rapid price fluctuation: “Round trip to below where it was
before the fake pump. […] That was a quick […] Whoever did this
better have covered their tracks because the feds will be looking
into them I suspect.” Seyffart also clarified that while the XRP
trust filing was fake, the Ethereum ETF filing is legitimate and
confirmed. Why The Odds Of A XRP ETF By BlackRock Were Slim Scott
Johnson, finance lawyer at Davis Polk elucidated why the XRP ETF by
BlackRock had little chance to be true: “Would represent an
aggressive posture from Blackrock given there’s currently no clear
path for XRP to get 19b-4 approval here without a CME futures
market / SSA. Not to say it can’t be done, but would require
forging a new path.” Related Reading: XRP Price Path To $1:
Exploring Two Potential Outcomes From The $0.66 Resistance Level
Jeremy Hogan, a renowned lawyer from the community, explained the
simplicity of spoofing the formation of an ETF, highlighting its
fraudulent nature and the ease of execution. Hogan elaborated that
“it’s actually very easy and just costs $500. You only need to file
two documents (attached), pay the money, and you get a
‘placeholder’ on the state website. ” He also speculated that the
perpetrator could have potentially capitalized on the price surge.
“Criminal saw what happened with the ETH trust filing, files the
XRP trust ‘filing,’ buys $100k XRP on leverage, sells at 74 cents,
and pockets 2-3 million dollars,” Hogan speculated. At press time,
XRP traded at $0.6636 after briefly touching the 0.618 Fibonacci
retracement level. Featured image from Markus Winkler / Unsplash,
chart from TradingView.com
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