- XRP experienced a brief surge in price following false reports of a potential BlackRock XRP ETF on Monday.
- The company promptly discredited the Delaware entity filing responsible for the commotion.
A BlackRock filing suggesting the creation of an XRP exchange-traded product triggered a 12% increase in XRP’s value. This gain was short-lived, as the filing was swiftly confirmed to be fraudulent.
The incident unfolded on late November 13, lasting approximately an hour. Twitter users noticed a Delaware filing indicating BlackRock’s “iShares XRP Trust” registration, hinting at a forthcoming exchange-traded fund (ETF).
XRP saw a 12% uptick, reaching $0.73 within 30 minutes of the filing news. However, the gains vanished within half an hour after Bloomberg ETF analyst Eric Balchunas, in conversation with BlackRock, confirmed the filing’s falseness.
Dylan LeClair, an analyst from Bitcoin Magazine, was among the first to break the news, while Balchunas and The Block initially shared the listing on Twitter in posts that have since been deleted.
Crypto enthusiasts and market analysts were quick to highlight the dangers of misinformation in the crypto space, emphasizing the need for vigilance and verification. The incident underscores the sensitivity of the market to unverified news and the potential for significant volatility based on false information.
As the crypto community recovers from the repercussions of this fake filing, questions arise about the need for enhanced mechanisms to validate and verify announcements in the crypto space, emphasizing the importance of due diligence in an industry where information can swiftly impact market dynamics.