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XRP ETF Fake News Leads to Over $6M Liquidations

1 min
Updated by Kyle Baird
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In Brief

  • A misleading report on BlackRock registering an XRP ETF led to significant liquidations despite a prompt correction.
  • Speculations and a subsequent correction in the announcement triggered a noticeable shift in XRP's trading volume.
  • Following BlackRock's Ethereum Trust filing, ETH's price surged to $2,064, while the SEC reviews its spot Bitcoin ETF.
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A false alarm pointing to Blackrock registering an XRP exchange-traded fund (ETF) has led to $6 million in liquidations.

Although the announcement received a prompt correction, XRP’s trading volume still experienced a noticeable shift.

Speculations and Liquidations Surrounding XRP News

In a post on X (formerly Twitter), a statement was made that indicated global asset manager BlackRock had applied for an XRP ETF:

“BLACKROCK FILES TO REGISTER A NEW ISHARES XRP TRUST ENTITY IN DELAWARE.”

However, shortly after a correction post was made:

“DELAWARE FILING FOR ISHARES XRP TRUST ENTITY IS FAKE.”

Furthermore, Bloomberg analyst Eric Balchumas also stated that the news was fake, claiming that he verified the information with Blackrock.

Balchumas alleged that “some whacko must have added using BlackRock executive name.”

Learn more: How To Buy XRP and Everything You Need To Know

However, Coinglass data reveals a sell-off in response to the news. At the time of publication, the 24-hour liquidation volume for XRP amounts to $6.91 million.

At the time of publication, XRP’s price stands at $0.66.

XRP Price Chart 1 Day. Source: BeInCrypto
XRP Price Chart 1 Day. Source: BeInCrypto

This comes only days after BlackRock filed an application for the iShares Ethereum Trust in Delaware. Since the announcement, Ethereum has also seen a surge in its price, now currently sitting at $2,064.

However, BlackRock’s spot Bitcoin ETF application is currently under scrutiny by the United States Securities and Exchange Commission (SEC). The entire crypto community is eagerly anticipating approval, with high hopes that a positive outcome will lead to a significant market surge.

Learn more: Everything You Need To Know About Ripple vs SEC

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.
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