Ripple (XRP) Falsely Linked to BlackRock ETF, Sees 15% Price Swing
Ripple's XRP has experienced volatility, swinging up to 15% due to false rumors linking it to a BlackRock ETF registration.
Ripple (XRP) Falsely Linked to BlackRock ETF
Early morning on November 14th, the crypto community was abuzz with rumors that Wall Street giant BlackRock was planning to register an ETF for Ripple's XRP.
According to the rumors, an XRP ETF filing was allegedly registered in Delaware, USA, mirroring details from BlackRock's previous filings for Bitcoin spot ETFs and Ethereum spot ETFs.
This can't be real. Ishares XRP Trust registered in Delaware? pic.twitter.com/pA3PX7i8Wu
— Summers (@SummersThings) November 13, 2023
However, many quickly expressed doubts, citing the ongoing securities lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) as a major hurdle for the asset to gain support from the largest asset manager in the United States.
This is false! Confirmed by BlackRock by me. Some whacko must have added using BlackRock executive name etc. Cmon man. pic.twitter.com/cDpnycYwjQ
— Eric Balchunas (@EricBalchunas) November 13, 2023
Indeed, BlackRock swiftly clarified that the company was a victim of impersonation and had not filed for an XRP ETF.
XRP's price immediately surged by over 15% before retracing to previous levels once the news was debunked.
1-hour chart of XRP/USDT pair on Binance at 08:10 AM on November 14th, 2023
ETFs have become a hot topic in the cryptocurrency market, closely following the impressive recovery of Bitcoin and leading altcoins. BlackRock has been at the forefront by filing two spot ETF proposals for Bitcoin and Ethereum with the SEC, propelling BTC and ETH to new highs in 2023.
However, the current uptick may also be attributed to false information, reminiscent of mid-October when CoinTelegraph falsely reported SEC approval of BlackRock's Bitcoin spot ETF proposal, similarly causing BTC to experience a pump and dump scenario before actual SEC approval neared.
Many argue that such false rumors only fuel existing suspicions of market manipulation and fraud, particularly regarding SEC Chairman Gary Gensler's regulatory stance on crypto ETFs, potentially damaging the prospects for crypto ETF approvals.
In conclusion, while XRP briefly surged on false ETF news, the incident underscores the heightened sensitivity and speculative nature of cryptocurrency markets amid ongoing regulatory uncertainties.
