XRP Price Briefly Rallies After Fake BlackRock ETF Filing

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Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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Last updated:

November 13, 2023 23:25 EST

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XRP price witnessed a brief surge in its price following a fake business registration for a BlackRock XRP trust.

The deceptive filing, still accessible on Delaware’s Division of Corporations website, mimics legitimate registrations made by the renowned asset management giant.

BlackRock Advisors and Daniel Schweiger were falsely named as registered agents, a revelation that BlackRock representatives swiftly discredited, as reported by Bloomberg ETF analyst Eric Balchunas.

“Confirmed by BlackRock by me. Some whacko must have added using BlackRock executive name etc. Cmon man,” Balchunas clarified on X, formerly Twitter.

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

XRP Price Surged as Much as 15%

Ripple’s (XRP) value surged by as much as 15% on the initially misleading news, only to retrace its steps to around $0.65 after BlackRock’s denial.

The misinformation hinted at BlackRock expanding its roster of crypto-related entities, amplifying the confusion that arose from last week’s registration of an Ethereum trust.

This incident echoes a prior occurrence where a false headline regarding BlackRock’s bitcoin ETF approval briefly propelled the market into a rally.

At the time, BlackRock CEO Larry Fink responded to the speculative surge by commenting on the “pent-up interest in crypto,” attributing the day’s market dynamics to broader geopolitical issues.

Currently, the market is anticipating a spot Bitcoin ETF approval from the US SEC.