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Fund management giant BlackRock denied it had filed an application for a spot XRP ETF (exchange-traded fund,) sending the XRP price into reverse after a brief pump.
A fake filing had indicated that BlackRock had submitted papers to a Delaware entity for an “iShares XRP Trust” in readiness for launching such an investment vehicle.
The filing was circulated on X and media publications including The Block quickly reported it, causing double-digit gains for XRP.
Bloomberg ETF analyst Eric Balchunas tweeted that someone had listed the XRP trust using the name of BlackRock’s managing director, Daniel Schwieger.
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 Unlikely To File for Spot XRP ETF
The development comes after a similar fake report focussed on BlackRock’s application for a spot Bitcoin ETF.
In mid-October, crypto media outlet CoinTelegraph claimed the SEC approved the iShares Bitcoin Spot ETF. The report was quickly debunked as fake. BlackRock’s CEO, Larry Fink, said the rumours showed “pent-up interest in crypto.”
BlackRock is expanding its crypto ETF plans beyond Bitcoin after recently filing for a spot Ethereum ETF. However, the likelihood of BlackRock filing for a spot XRP ETF remains low, according to some observers, given Ripple’s active litigation with the SEC.
I could be proved wrong but I find it rather unlikely that BlackRock is going to file for an ETF for a coin that’s in active securities litigation https://t.co/jap2lMwv6N
— Sean Tuffy (@SMTuffy) November 13, 2023
Over $7 Million Worth Of XRP Futures Liquidated
XRP saw volatile price swings yesterday. It jumped from 65 cents to 73 cents within minutes after the fake filing appeared. However, it quickly erased the gains after BlackRock debunked the report as fake.
Coinglass data shows liquidations of over $7 million worth of XRP futures in the last 24 hours. $5.1 million of the total liquidations were longs from traders anticipating more price gains. Traders placed the longs shortly after the fake filing.
XRP has the third-highest liquidations in the past 24 hours after Bitcoin and Ether.
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