JPMorgan’s Alleged Purchase of 7.5 Million XRP Tokens
Rumors surrounding JPMorgan secretly acquiring XRP tokens have been making waves within the crypto community. According to reports, the US megabank allegedly purchased 7.5 million XRP tokens, sparking a flurry of discussion and scrutiny.
The initial reports emerged from a leaked document, claiming that JPMorgan had indeed acquired a substantial amount of XRP tokens. This rumor quickly spread across social media platforms, with influential figures such as Amelie, a German influencer with a significant following, reposting the speculative news to a wider audience.
🚨 JUST IN:
BLACKROCK AND JPMORGAN PURCHASED OVER 7.5 MILLION #XRP https://t.co/dmQajvjhuk
— 𝓐𝓶𝓮𝓵𝓲𝓮 🍭 (@_Crypto_Barbie) November 19, 2023
However, skeptics have been quick to point out discrepancies in the reported numbers. A keen observer noted that JPMorgan’s total portfolio would have to be valued at an implausibly low amount, given the purported 7.5% stake in XRP tokens. This has raised doubts about the credibility of the rumor.
Ludicrous. Look at this quote.
“The leaked report, allegedly from an anonymous insider w/in JPM, reveals a significant revelation—the banking giant has quietly amassed over 7.5 M XRP, representing >7.5% of its total wealth.”
JPM is only worth $6.2B? It’s market cap is $440B
— AgentSmith (@AgentSmithV3) November 19, 2023
Furthermore, the absence of an official statement from JPMorgan regarding this alleged acquisition has added to the skepticism. It’s worth noting that JPMorgan recently launched its own digital currency, JPM Coin, intended for large-scale daily transactions.
Token price drops to $0.61 | Source: XRPUSD on Tradingview.com
Involvement of BlackRock in XRP Rumors
In addition to JPMorgan’s supposed interest in XRP, rumors have circulated about BlackRock showing a similar interest in the token. However, there has been no concrete evidence to support these claims. The only notable association of BlackRock with XRP was a fake filing for a BlackRock XRP ETF on the Delaware Corporation website, which has since been removed.
CryptoInsightUK, an influential figure within the XRP community, discredited the rumors surrounding BlackRock’s involvement. He labeled the speculation as a “stupid rumor” and advised investors to remain focused amidst the noise.
Just FYI $XRP fam, there is a stupid rumour that Blackrock has bought 7.5 million $XRP.
This is untrue.
Focus up, things will get going again soon, don’t get dissuaded by noise. 🫡
— Cryptoinsightuk (@Cryptoinsightuk) November 20, 2023
While JPMorgan and BlackRock’s involvement in XRP remains speculative, a report from the Basel Committee on Banking Supervision has revealed that XRP ranks third in digital assets held by global banks. The report suggests that banks worldwide have invested 2% of their digital asset holdings, equivalent to around 188 million euros, in XRP.
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
View J-S Tremblay website
