Cryptocurrency News

XRP jumps then dumps on faked BlackRock XRP trust filing

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A BlackRock filing suggesting the asset manager was creating an XRP (XRP) exchange-traded product caused a 12% spike in XRP, which it quickly lost after the filing was confirmed as fake.

The saga lasted an hour late on Nov. 14 as X (Twitter) users picked up on a Delaware filing showing BlackRock filed to register the “iShares XRP Trust” — a precursor to launching an exchange-traded fund (ETF).

XRP gained 12%, spiking to $0.73 within 30 minutes of the news of the filing. However, it lost all its gains in half an hour after it was confirmed a fake by Bloomberg ETF analyst Eric Balchunas, who spoke with BlackRock.

XRP’s price spike Source: Cointelegraph Markets Pro

Balchunas speculated someone listed the XRP trust on the Delaware list of corporations website by impersonating BlackRock managing director Daniel Schwieger.

Bitcoin Magazine analyst Dylan LeClair was one of the first to initially break the news. Balchunas and The Block also shared news of the listing on X in now-deleted pos.

Related: Ripple faces slim odds of $770M disgorgement — XRP holders attorney

BlackRock signaled its intention to expand beyond Bitcoin with its ETF aspirations after the firm filed for a spot Ether ETF on Nov. 9.

In light of the faked listing, Seyffart iterated that the spot Ether ETF is real as it was officially confirmed via a 19b-4 submission by Nasdaq to the Securities and Exchange Commission.

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