XRP Prices Go Viral Due To XRP ETF Fake News In The Name Of BlackRock

XRP crypto assets are affected by fake news related to ETF submissions. (Photo; Doc. Analytic Insight)

JAKARTA - The crypto market was shocked by fake news about the submission of the XRP Exchange Trade-Fund (ETF) proposal by BlackRock, the largest asset management company in the world. The news turned out to be only the work of someone using the name BlackRock without permission and registering the investment trust of XRP on Delaware's official website.

The fake news appeared on the website of the Delaware State Department Corporate Division on Monday, November 13, 2023, under the name "iShares XRP Trust" which was registered with BlackRock.

This triggered an increase in the price of XRP by more than 15% within an hour, from around US$0.64 (Rp10,044) to US$0.74 (Rp11,594). However, the increase did not last long after it was discovered that the submission was fake and not from BlackRock. Eric Balchunas, Bloomberg analyst, said he had confirmed with the source at BlackRock that the submission was fake.

He also mentioned that the document does exist on Delaware's website, but it's unclear how the fake BlackRock name could appear there. "This is a strange thing, the real problem is who pretends to be a BLK and registers a legitimate name?" said Balchunas.

This fake news is spreading rapidly in the crypto community, which is awaiting approval by the US SEC for the spot's Bitcoin ETF, which is believed to increase Bitcoin adoption and demand. This factor is also one of the causes of the recent BTC price hike to be above $37,000 (Rp579.5 million) from US$25,000 (Rp391.4 million) in mid-June.

Previously, BlackRock did apply for Ether-based funds, which are real funds and helped increase the price of Ether. Interestingly, the same BlackRock contact name is registered in the original Ether submission and fake XRP.

As a result of this fake news, the price of XRP fell back to its previous level, which was around US$0.66 (Rp10,338). The price of XRP moves sideways in the last 24 hours, with the lowest and highest price ranges respectively being US$0.645 (Rp10,098) and US$0.740 (Rp11,594). In addition, the trading volume of XRP has also increased 250% in the last 24 hours, which shows the interest of crypto traders.