In a whirlwind of speculative frenzy, XRP experienced a fleeting surge in its price, only to swiftly return to its original levels, as a purported BlackRock filing hinting at the creation of an XRP exchange-traded product (ETP) turned out to be a cleverly crafted fake.
Key Developments
- BlackRock ETF Filing: The catalyst for XRP’s sudden surge was a filing discovered on the Delaware list of corporations, indicating BlackRock’s intention to register the “iShares XRP Trust.” This filing, a potential precursor to launching an exchange-traded fund (ETF), stirred market excitement.
- 12% Spike: XRP’s value skyrocketed by 12%, reaching $0.73 within a mere 30 minutes of the news circulating about the BlackRock filing. This surge hinted at the market’s eagerness for positive developments surrounding the popular cryptocurrency.
- Fake Confirmation: The joy was short-lived as Bloomberg ETF analyst Eric Balchunas promptly confirmed the filing’s fraudulent nature after consulting with BlackRock. The company asserted that no such filing had been made, exposing the elaborate ruse that had briefly buoyed XRP.
- Impersonation Suspicions: Balchunas speculated that an impersonator might have listed the XRP trust on the Delaware website, masquerading as BlackRock managing director Daniel Schwieger. This revelation added a layer of intrigue to the incident, showcasing the lengths to which deceptive actors can go in the digital age.
- Twitter Unveils the Drama: News of the filing and subsequent confirmation spread like wildfire on Twitter. Bitcoin Magazine analyst Dylan LeClair was among the first to break the news, with Balchunas and The Block also disseminating information that was later deleted as the truth emerged.
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
- BlackRock’s Broader Ambitions: The incident shed light on BlackRock’s broader aspirations beyond Bitcoin, as the asset management giant signaled its intention to venture into the realm of exchange-traded funds. This revelation came in the wake of BlackRock filing for a spot Ether ETF on November 9, a move that appears unaffected by the XRP-related drama.
- Real Spot Ether ETF: Clarifying amidst the chaos, BlackRock spokesperson Seyffart emphasized the authenticity of the spot Ether ETF filing, stating that it had been officially confirmed through a 19b-4 submission by Nasdaq to the Securities and Exchange Commission. This clarification aimed to reassure the market about BlackRock’s genuine foray into the world of Ethereum-based investment products.
While the XRP community experienced a roller-coaster of emotions during this brief episode, the incident underscores the importance of vigilance and thorough verification in the ever-evolving landscape of cryptocurrency markets. As enthusiasts await further developments in the space, the saga serves as a reminder of the potential pitfalls in a market susceptible to both genuine progress and deceptive maneuvers.
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