Home Coin news XRP Jumps then Dumps on Fake BlackRock XRP Trust

XRP Jumps then Dumps on Fake BlackRock XRP Trust

14 Nov, 2023 Coin news

XRP Jumps then Dumps on Fake BlackRock XRP Trust

A BlackRock filing claiming the asset manager was developing an XRP (XRP) exchange-traded product caused a 12% increase in XRP, which was quickly reversed after the filing was revealed to be a fake.

The saga lasted about an hour on late November 13 when X (Twitter) users discovered a Delaware filing showing BlackRock filed to register the "iShares XRP Trust" — a precursor to the launch of an exchange-traded fund (ETF).

Within 30 minutes of the filing news, XRP jumped 12% to $0.73.

However, it quickly lost all of its gains after Bloomberg ETF analyst Eric Balchunas, who spoke with BlackRock, confirmed it was fake.

Balchunas believes the XRP trust was listed on the Delaware list of corporations website by someone impersonating BlackRock managing director Daniel Schwieger.

Analyst Dylan LeClair of Bitcoin Magazine was among the first to report the news. In now-deleted posts, Balchunas and The Block also mentioned the listing on X.

After filing for a spot Ether ETF on Nov. 9, BlackRock signaled its intention to expand beyond Bitcoin with its ETF ambitions.

In light of the forged listing, Seyffart reiterated that the spot Ether ETF is genuine, as evidenced by Nasdaq's 19b-4 submission to the Securities and Exchange Commission.

Sources:

https://cointelegraph.com/news/xrp-spikes-falls-fake-blackrock-xrp-etf

https://coinmarketcap.com/currencies/xrp/

https://twitter.com/EricBalchunas/status/1724176255484829927

https://twitter.com/JSeyff/status/1724177048896143633

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