XRP Price Soars and Plummets on BlackRock Registration News
The price of XRP experienced a significant increase from $0.65 to $0.73 after news broke that BlackRock, a major asset management firm, had registered the iShares XRP Trust in Delaware. This led to a surge in XRP’s value on Monday.
However, subsequent reports revealed that the supposed registration was actually false news, causing XRP’s price to drop back down to $0.65.
Fake Registration Confirmed
- Despite an entity being registered under the name “iShares XRP Trust” with file number 2619091 on the state of Delaware’s website, it was confirmed that BlackRock had not filed any such registration. The filing appeared to be under the name of a BlackRock executive using the company’s address, but Bloomberg ETF analyst Eric Balchunas confirmed the falsity of the registration.
- Balchunas took to Twitter to debunk the news, stating that it was false and adding that someone must have added using the BlackRock executive name without authorization.
Potential Impact on XRP and Crypto Market
The fake registration may have hinted at the possibility of BlackRock filing for an XRP-based ETF with the Securities and Exchange Commission (SEC), similar to its recent registration of the iShares Ethereum Trust in Delaware. This news caused a surge in Ether (ETH) prices as well.
While the SEC is yet to approve any spot crypto ETFs, there is speculation among analysts regarding potential approval for spot Bitcoin ETFs by the end of the week.
Hot Take: False News Causes Price Volatility
The misleading news about BlackRock’s registration of iShares XRP Trust in Delaware led to a brief surge in XRP prices followed by a sharp decline once it was confirmed as fake. This incident highlights how easily misinformation can impact cryptocurrency markets and cause significant price volatility.
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