XRP Price Plummets Amid BlackRock-Related Hoax: Unveiling the Market Manipulation
- XRP price surged to $0.75 but dropped 12% to $0.61 due to a debunked BlackRock-related hoax.
- Jeremy Hogan highlighted the simplicity of fabricating the hoax and potential market manipulation.
On November 13, XRP encountered a notable 16% surge, briefly spiking to $0.75, allegedly triggered by the speculation of an Exchange-Traded Fund (ETF) filing from BlackRock. The surge followed X users sharing a Delaware filing hinting at BlackRock registering the “iShares XRP Trust,” usually a precursor to an ETF launch. Within a mere 25 minutes, the XRP price escalated by 16%.
Amidst this turmoil, XRP’s value plummeted to $0.6636 after briefly touching the 0.618 Fibonacci retracement level.
The XRP market witnessed a whirlwind – soaring to $0.75 and plummeting to $0.61 – driven by a fraudulent BlackRock-related ETF filing. This fabricated news initially embraced by the XRP community was later confirmed as false by a BlackRock spokesperson. The incident brought to light the simplicity of fabricating an ETF filing and raised concerns about potential market manipulation within the cryptocurrency realm.
The elation was short-lived. Bloomberg’s ETF analyst, Eric Balchunas, confirmed the filing as fraudulent after direct communication with BlackRock representatives. Balchunas clarified that the XRP trust listing was deceitfully posted on Delaware’s website under the name of Daniel Schwieger, a BlackRock managing director.
In a statement, Balchunas debunked the news, affirming, “This is false! Confirmed by BlackRock by me. Some whacko must have added using BlackRock executive name etc. C’mon man. A spokesperson confirmed. If that’s not enough and you are still raging, then please seek medical help.”
James Seyffart from Bloomberg highlighted the swift market response, emphasizing the drastic dip after the false surge. Seyffart cautioned potential federal scrutiny for the perpetrator behind this manipulation. He also clarified the authenticity of an Ethereum ETF filing, distinct from the fraudulent XRP trust.
Finance lawyer Scott Johnson expressed skepticism about the possibility of a legitimate XRP ETF by BlackRock due to existing regulatory obstacles. Renowned lawyer Jeremy Hogan shed light on the simplicity and minimal cost of fabricating an ETF filing, illustrating its fraudulent nature and ease of execution. Hogan suggested the potential for the manipulator to profit significantly from the surge, hypothesizing a scenario where the perpetrator could have made millions leveraging XRP prices.
Another instance linked to BlackRock’s deception
Similar deception occurred with Bitcoin, as false reports claimed SEC approval for a BlackRock iShares Bitcoin ETF, causing an 8% decline in Bitcoin’s value. This misleading information led to a brief surge in Bitcoin’s price, followed by a swift reversal once BlackRock dismissed the approval rumors. Various media outlets, including CoinTelegraph, faced backlash within the cryptocurrency community for spreading inaccurate information.
