Short-Lived XRP Price Rally Following Fake BlackRock Trust Filing

For a fleeting moment, XRP holders recently found themselves in disbelief, and with good reason. The filing of the BlackRock iShares XRP Trust in Delaware, which propelled the crypto asset up by 12% in just half an hour, turned out to be fake. The corporate registration submitted in Delaware was genuine, but it was not BlackRock, as confirmed by a company representative.

Fake news

Despite BlackRock having legitimately registered the name for its iShares Ethereum Trust in Delaware last week, the XRP filing was declared false by BlackRock itself. Notably, the fake filing shared the same address and contact information as the authentic ETH filing which was finalised last week.

While the XRP community was understandably over the moon with the apparent announcement that the BlackRock iShares XRP Trust had been filed, the joy was short lived despite the fact that XRP experienced a sudden and dramatic price increase which certainly benefited those holders who sold their assets before the eventual correction.

All eyes on BlackRock

Considerable anticipation and corresponding price movements have surrounded Bitcoin and Ethereum ETFs, particularly those potentially issued by BlackRock upon approval. As a colossal Wall Street asset manager with $9 trillion under management, BlackRock created ripples in the crypto industry with its filing for the iShares Bitcoin Trust in June. As a result, each subsequent amendment or update has been accompanied by price rallies.

Recently, various analysts noted a brief window until November 17th during which the Securities and Exchange Commission could potentially approve at least 12 pending Bitcoin ETF applications, given that the SEC extended the deadline for all Bitcoin ETF filings to November 18th, and the comment period has just concluded. Regardless, there is no indication thus far of any decision regarding the approval of a Bitcoin ETF by the SEC.