XRP Price Surges and Retraces Following Fake BlackRock Registration
The price of XRP experienced a brief surge after the emergence of a fake business registration for a BlackRock XRP trust. The deceptive filing, still accessible on Delaware’s Division of Corporations website, imitated legitimate registrations made by the well-known asset management giant.
The Deceptive Filing
In this deceptive filing, BlackRock Advisors and Daniel Schweiger were falsely named as registered agents. However, representatives from BlackRock promptly discredited this revelation. Bloomberg ETF analyst Eric Balchunas affirmed this when he reported, “Confirmed by BlackRock by me. Some whacko must have added using BlackRock executive name etc. Cmon man.”
“Confirmed by BlackRock by me. Some whacko must have added using BlackRock executive name etc. Cmon man.” – Eric Balchunas
Ripple’s (XRP) value saw a significant surge of up to 15% upon the spread of this misleading news. However, it soon retraced its steps and settled around $0.65 after BlackRock’s denial.
Confusion and Market Impact
The misinformation surrounding this incident suggested that BlackRock was expanding its crypto-related entities. This added to the confusion caused by last week’s registration of an Ethereum trust. This incident is reminiscent of a previous occurrence where a false headline about BlackRock’s bitcoin ETF approval briefly fueled a rally in the market.
During that time, BlackRock CEO Larry Fink acknowledged the speculative surge, attributing it to the “pent-up interest in crypto.” He also emphasized the role of broader geopolitical issues in the day’s market dynamics.
“Pent-up interest in crypto.” – Larry Fink
The market is currently anticipating the potential approval of a spot Bitcoin ETF by the US SEC.
