XRP jumps then dumps on faked BlackRock XRP trust filing

Nov 13. 2023

By Brayden Lindrea

A BlackRock filing suggesting the asset manager was creating an XRP (XRP) exchange-traded product caused a 12% spike in XRP, which it quickly lost after the filing was confirmed as fake.

The saga lasted an hour late on Nov. 14 as X (Twitter) users picked up on a Delaware filing showing BlackRock filed to register the “iShares XRP Trust” — a precursor to launching an exchange-traded fund (ETF).

XRP gained 12%, spiking to $0.73 within 30 minutes of the news of the filing. However, it lost all its gains in half an hour after it was confirmed a fake by Bloomberg ETF analyst Eric Balchunas, who spoke with BlackRock.

XRP's price spike Source: Cointelegraph Markets Pro

Balchunas speculated someone listed the XRP trust on the Delaware list of corporations website by impersonating BlackRock managing director Daniel Schwieger.

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