Unexpected Surge in XRP Price
Recently, the cryptocurrency market experienced a sudden surge in the price of XRP, jumping by 12% in just half an hour. This surge was triggered by the emergence of a fraudulent ETF application called ‘BlackRock iShares XRP Trust’ in Delaware.
BlackRock Denies ETF Filing
The excitement over the XRP price surge was short-lived as it was revealed that BlackRock, the large fund manager, had no association with the application. The Delaware Office of the Secretary of State has taken this issue seriously and has alerted the state Department of Justice about this deceptive filing.
This incident is linked to the SEC’s concerns about market manipulation in the crypto world, particularly in Bitcoin investments where they have rejected applications due to fears of market trickery.
Community Reacts to Deceptive News
Responses from the community have been mixed, with some experts believing that the fake filing won’t significantly impact the SEC’s decision but may cast doubt on the credibility of the crypto space. However, regulators continue to emphasize adherence to securities laws and investor protection.
ETF Approval on the Horizon
While this incident caused uncertainty, the SEC is currently reviewing several ETF applications from major traditional finance firms. If approved, this would mark the U.S.’s first spot in Bitcoin ETF, allowing investors to gain exposure to cryptocurrency without direct purchase.
Despite years of rejections due to market manipulation concerns, experts predict a 90% chance of seeing an ETF hit the market by January 10. However, XRP has seen a dip of over 4% in the past 24 hours amid complex dynamics in the crypto market.
Hot Take
The fraudulent ETF application incident involving XRP highlighted ongoing concerns about market manipulation and regulatory oversight within the crypto space. While there is anticipation for potential ETF approval in the near future, recent events have introduced a level of skepticism and caution among investors and regulators alike.
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