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XRP Price Briefly Rallies After Fake BlackRock ETF Filing

The price of XRP experienced a short-lived spike after a fraudulent business registration for a BlackRock XRP trust circulated.

This deceptive filing, currently accessible on Delaware’s Division of Corporations website, imitates legitimate registrations made by the well-known asset management giant, BlackRock.

The false registration listed BlackRock Advisors and Daniel Schweiger as registered agents, a claim that representatives from BlackRock quickly refuted. Bloomberg ETF analyst Eric Balchunas reported on Twitter, “Confirmed by BlackRock by me. Some whacko must have added using BlackRock executive name etc. Cmon man,” clarifying the misinformation surrounding the registration.

XRP Price Surged as Much as 15%

Ripple’s (XRP) value experienced a significant 15% surge on the initially misleading news, only to retract back to around $0.65 following BlackRock’s denial.

The false information suggested that BlackRock was expanding its involvement in crypto-related entities, adding to the confusion generated 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 triggered a market rally. In response to that surge, BlackRock CEO Larry Fink pointed to the “pent-up interest in crypto” and linked the day’s market dynamics to broader geopolitical issues.

Currently, the market is eagerly anticipating the potential approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC).

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