On late November 13, the XRP price experienced a significant surge, momentarily jumping by 16% following a purported exchange-traded fund (ETF) filing by BlackRock, which quickly turned out to be fake. 
The incident began when X (formerly Twitter) users shared a filing in Delaware suggesting that BlackRock, the global asset management giant, had registered the “iShares XRP Trust”. This action is typically a precursor to launching an ETF. Consequently, the XRP price soared to $0.75, a 16% increase, within just 25 minutes of the news breaking. 
However, the excitement was short-lived. Bloomberg ETF analyst Eric Balchunas <a href="https://twitter.com/EricBalchunas/status/1724176255484829927" target="_blank" rel="noopener nofollow">confirmed</a> the filing as fake after direct communication with BlackRock representatives. Balchunas indicated that the XRP trust had been falsely listed on the Delaware website using the name of Daniel Schwieger, a managing director at BlackRock. 
In a X post, Balchunas stated, “This is false! Confirmed by BlackRock by me. Some whacko must have added using BlackRock executive name etc. Cmon man. […] Some ppl questioning whether BlackRock actually confirmed to me this is false. They did. A spokesperson confirmed. If that’s not enough and you are still raging, then please seek medical help.” 
Adding to this, Bloomberg’s James Seyffart <a href="https://twitter.com/JSeyff/status/1724177539726238088" target="_blank" rel="noopener nofollow">remarked</a> on the rapid price fluctuation: “Round trip to below where it was before the fake pump. […] That was a quick […] Whoever did this better have covered their tracks because the feds will be looking into them I suspect.” Seyffart also clarified that while the XRP trust filing was fake, the Ethereum ETF <a href="https://www.newsbtc.com/news/ethereum/blackrock-ethereum-spot-etf/" target="_blank" rel="noopener ">filing</a> is legitimate and confirmed. 
<h2 id="why-the-odds-of-a-xrp-etf-by-blackrock-were-slim">Why The Odds Of A XRP ETF By BlackRock Were Slim</h2> 
Scott Johnson, finance lawyer at Davis Polk <a href="https://twitter.com/SGJohnsson/status/1724170460223459446" target="_blank" rel="noopener nofollow">elucidated</a> why the XRP ETF by BlackRock had little chance to be true: “Would represent an aggressive posture from Blackrock given there’s currently no clear path for XRP to get 19b-4 approval here without a CME futures market / SSA. Not to say it can’t be done, but would require forging a new path.” 
Jeremy Hogan, a renowned lawyer from the community, <a href="https://twitter.com/attorneyjeremy1/status/1724250040019882178" target="_blank" rel="noopener nofollow">explained </a>the simplicity of spoofing the formation of an ETF, highlighting its fraudulent nature and the ease of execution. Hogan elaborated that “it’s actually very easy and just costs $500. You only need to file two documents (attached), pay the money, and you get a ‘placeholder’ on the state website. ” 
He also speculated that the perpetrator could have potentially capitalized on the price surge. “Criminal saw what happened with the ETH trust filing, files the XRP trust ‘filing,’ buys $100k XRP on leverage, sells at 74 cents, and pockets 2-3 million dollars,” Hogan speculated. 
At press time, XRP traded at $0.6636 after briefly touching the 0.618 Fibonacci retracement level. 
<img loading="lazy" decoding="async" class="wp-image-560518 size-full" src="https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-14_06-39-14.png?resize=3628%2C1673" alt="XRP price" width="3628" height="1673" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-14_06-39-14.png?resize=3628%2C1673?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-14_06-39-14.png?resize=3628%2C1673?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-14_06-39-14.png?resize=3628%2C1673?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-14_06-39-14.png?resize=3628%2C1673?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-14_06-39-14.png?resize=3628%2C1673?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-14_06-39-14.png?resize=3628%2C1673?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-14_06-39-14.png?resize=3628%2C1673?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-14_06-39-14.png?resize=3628%2C1673?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-14_06-39-14.png?resize=3628%2C1673?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

XRP Price Leaps 16% On Fake BlackRock ETF Filing: Details

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