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Blackrock Denies XRP ETF Plan: Fake Filing Sparks Brief Surge in XRP Price

by BSCN

November 14, 2023

A representative from BlackRock clarified that the regulatory filing indicating a pursuit of an XRP ETF is false, and there is no evidence of any corresponding submission to the U.S.

BlackRock, the world's largest asset manager, has unequivocally refuted any intentions of launching a spot XRP exchange-traded fund (ETF) in the immediate future. The denial follows the emergence of a counterfeit filing that falsely claimed BlackRock had registered an iShares XRP Trust, temporarily fueling speculation that an XRP exchange-traded fund would soon be released.

A representative from BlackRock confirmed to CryptoSlate that the regulatory filing indicating an XRP exchange-traded fund is false.

The fraudulent filing closely mimics BlackRock's filings for its spot Ethereum and spot Bitcoin exchange-traded funds. Notably, it was filed under the name and address of one of BlackRock's managing directors.

This misleading filing initially gained traction on Twitter, sparking a brief surge in the price of XRP by more than 10%. The price of XRP promptly retraced to 65 cents per token after the truth about the falsified filing emerged, currently trading at $0.66.

False news and rumors are a well-known tactic that bad actors use to artificially inflate cryptocurrency prices, enabling them to profit heavily from their holdings.

It is imperative to highlight that, as of now, there are no spot XRP ETFs available for trading in the United States. The Securities and Exchange Commission (SEC) has not granted approval for any spot XRP ETFs, leaving uncertainty regarding when or if such products will receive regulatory clearance.

Crypto enthusiasts and investors should exercise caution and diligence, especially when misinformation is spread, as it can have swift and impactful consequences.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].