While the price of XRP exploded on Monday evening after an unfounded rumor about a BlackRock ETF, the token quickly regained its original price. We take stock of these events
XRP price victim of ETF rumor
Yesterday evening, Ripple’s XRP price briefly experienced the “ETF effect”, after a rumor revealed to be unfounded was initially relayed by our colleagues at The Block:
*BLACKROCK FILES TO REGISTER A NEW ISHARES XRP TRUST ENTITY IN DELAWARE – THE BLOCK PRO
– The Block Pro Headlines (@theblockupdates) November 13, 2023
Thus, the token price gained over 15% in the space of twenty minutes to reach $0.75 per unit, before falling back just as quickly when the denial was made. Today, the price per XRP is around $0.66, a level similar to that of the last 48 hours
Originally, it was rumored that an alleged iShare subsidiary had been registered in Delaware for this XRP ETF. It should be noted that the registration is in fact real, but BlackRock has confirmed that this maneuver was not its responsibility:
Fake iShare company behind BlackRock’s XRP ETF rumor
Whether a simple joke or an elaborate attempt to manipulate the market, this episode is reminiscent of the effect on prices of the false approval of BlackRock’s Bitcoin spot ETF relayed by our Cointelegraph colleagues a month earlier.
Indeed, the reactions generated show the tension present on the market, the latter being suspended on the slightest information surrounding crypto ETFs and their eventual approval by the Securities and Exchange Commission (SEC).
All of which serves as a reminder of the need for caution in the face of this flood of sometimes contradictory information, at a time when interest in ETFs has never been so tangible in the ecosystem.
