Ripple’s XRP Price Swings Wildly in Response to False BlackRock Filing: A Closer Look

BlackRock’s Alleged Registration of iShares XRP Trust Causes Price Surge, Later Confirmed as Fake News

The price of XRP surged from $0.65 to $0.73 on Monday following news that asset management giant BlackRock had registered the iShares XRP Trust in Delaware.

However, later reports confirmed that the supposed registration was fake news, taking XRP’s price back down to $0.65.

False Registration and Market Impact

• According to the state of Delaware’s website, there is an entity registered under file number 2619091 going by the name of “iShares XRP Trust.”
• While the filing appears to be under the name of a BlackRock executive using BlackRock’s address, Bloomberg ETF analyst Eric Balchunas confirmed that BlackRock hadn’t actually filed any such registration.

• “This is false! Confirmed by BlackRock by me,” Balchunas posted to X on Monday. Some whacko must have added using the BlackRock executive name, etc.”

• The development may have indicated that BlackRock would soon file for an XRP-based ETF with the Securities and Exchange Commission (SEC).

Effect on Other Cryptocurrencies

Last week, the asset manager registered the iShares Ethereum Trust in Delaware shortly before NASDAQ filed for a spot Ethereum ETF listing on its behalf. The price of Ether (ETH) soared above $2,000 in response.

The SEC is yet to approve any spot crypto ETFs, though some analysts suspect a slew of spot Bitcoin ETF may be approved by the end of the week.

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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...

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