#XRP #BlackRock #ETF #cryptocurrency #financialnews #marketmanipulation #fakefiling #pricefluctuation
On November 13, the price of XRP experienced a sudden surge of 16% following rumors of a potential exchange-traded fund (ETF) filing by BlackRock. This news quickly spread on social media platforms, causing excitement among XRP investors. However, it was soon revealed that the filing was a fake. Bloomberg ETF analyst Eric Balchunas confirmed the falsity of the filing after communicating with BlackRock representatives. The filing had been falsely listed on the Delaware website under the name of Daniel Schwieger, a managing director at BlackRock. Balchunas urged people to stop spreading misinformation and seek medical help if they were still raging about the incident.
Adding to the discussion, Bloomberg’s James Seyffart commented on the rapid price fluctuation, noting that the price quickly returned to its previous levels. Seyffart predicted that the authorities would investigate the individual responsible for the fake filing. Meanwhile, Scott Johnson, a finance lawyer at Davis Polk, explained why a BlackRock XRP ETF was unlikely. He highlighted the lack of a clear path for XRP to obtain approval without a CME futures market or a standard settlement agreement. Renowned lawyer Jeremy Hogan also weighed in, explaining how easy it was to fake the formation of an ETF and suggested that the perpetrator may have taken advantage of the price surge to make a significant profit. At the time of writing, XRP was trading at $0.6636.
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