XRP surges then falls on a phony BlackRock XRP trust filing

By: Henry Felix

XRP surges then falls on a phony BlackRock XRP trust filing

November 14, 2023 3:59 AM

XRP's price rise was brief and has nearly returned to its previous level.


The price of XRP (XRP) spiked by 12% on the confirmation of a BlackRock filing claiming the asset manager was developing an exchange-traded product. However, the filing was later shown to be fraudulent.


The incident lasted an hour late on November 14 when X (Twitter) users saw a Delaware filing stating BlackRock filed to register the "iShares XRP Trust"—a  forerunner to the creation of an exchange-traded fund (ETF).


Shortly after the filing news broke, XRP spiked to $0.73, up 12%. But after it was revealed to be a hoax by Bloomberg ETF expert Eric Balchunas, who spoke with BlackRock, it lost all of its gains in 30 minutes.


Balchunas claimed that someone mimicking BlackRock managing director Daniel Schwieger created the XRP trust on the Delaware Registry of Corporations website.

 

 

 

Analyst Dylan LeClair of Bitcoin Magazine was among the first to report the news. In a now-deleted post, Balchunas and The Block also announced the listing on X.


Following its Nov. 9 filing for a spot Ether ETF, BlackRock made clear that it intended to go above Bitcoin regarding its ETF ambitions.


Seyffart reiterating that the spot Ether ETF is genuine in light of the false listing and Nasdaq's 19b-4 application to the Securities and Exchange Commission.