BlackRock XRP Trust Filing Is Real But Fraudulent, XRP Price Jumped 15%

BlackRock XRP Trust Filing Is Real But Fraudulent, XRP Price Jumped 15%

A filing for a BlackRock XRP Trust showed up on the official Delaware investment trusts registration website, but the problem is that BlackRock wasn’t the one who filed it. The fake news about BlackRock XRP Trust triggered a more than 15% pump and dump in XRP price, with the price now trading at $0.66.

BlackRock XRP Trust Filing Pumped XRP Price

The Delaware Department of State’s Division of Corporations website, which lists trusts by asset management firms, shows details for a filing with the “iShares XRP Trust” name registered to BlackRock on Monday. It triggered a massive rally in XRP price within just an hour, but dumped to the same level after it was found that someone is using BlackRock’s name.

Bloomberg analyst Eric Balchunas said the filing is fake, as per his source at BlackRock. It is on the Delaware website, but the filing is not from BlackRock.

“It’s bizarre stuff, the real issue tho is who the hell is pretending to be BLK and registering legal names?”


The Delaware Department of State representative did not respond to requests for comment. Also, it wasn’t immediately clear how the false BlackRock name ended up on the website.

With high anticipation on the US SEC approving a spot Bitcoin ETF, false news spread quickly within the crypto community. It is one of the major factors behind the recent BTC price rally to above $37,000 from $25,000 in mid-June.

Indeed, BlackRock filed for an Ether-based fund, which was real and helped send the price of Ether. Interestingly, the same BlackRock contact name was listed on both the real Ether and fake XRP filings.

Also Read: Ripple CEO Warns of Impersonating Deepfake Scam Videos

XRP Price 15% Pump And Dump

XRP price jumped 15% after the news of BlackRock XRP ETF filing, but it dumped quickly after Bloomberg analysts confirmed it as false.

The price is currently trading at $0.66, trading sideways in the last 24 hours. The 24-hour low and high are $0.645 and $0.740, respectively. Furthermore, the trading volume has increased by 250% in the last 24 hours, indicating an interest in traders.

Also Read: Terraform Labs Expands Portfolio with Pulsar Finance Acquisition

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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