XRP ETF fake news led to more than $6 million in liquidations

2023-11-15 03:18:53

This article is brief:

Misleading reports about BlackRock’s registered XRP ETF, despite being promptly revised, led to a large number of liquidations.

The speculation and subsequent announcement of the correction triggered a noticeable change in XRP trading volume.

The price of Ethereum (ETH) surged to $2,064 after BlackRock filed an Ethereum Trust filing, while the U.S. Securities and Exchange Commission (SEC) is reviewing its spot Bitcoin ETF.

Blackrock’s false alert for registering an XRP exchange-traded fund (ETF) has led to a $6 million liquidation.

Despite the timely correction of the announcement, XRP’s trading volume has seen a noticeable change.

Speculation and Liquidation Around XRP News

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

"BLACKROCK IS APPLYING TO REGISTER A NEW ISHARES XRP TRUST ENTITY IN DELAWARE. ”

However, shortly after the correction post was published:

"THE DELAWARE FILING FOR THE ISHARES XRP TRUST ENTITY IS FAKE. ”

In addition, Bloomberg analyst Eric Balchumas also said the news was fake and claimed that he had verified the information with BlackRock.

Balchumas claimed, “It must have been some hacker who used the name of a BlackRock executive to add content.” ”

However, Coinglass data showed that the news sparked a sell-off. At press time, XRP’s 24-hour liquidation volume was $6.91 million.

As of the time of this article’s publication, XRP’s price is $0.66.

XRP Price Chart 1 day. Source: Internet

Just a few days ago, BlackRock filed an application for the iShares Ethereum Trust in Delaware. Since the announcement, Ethereum’s price has also seen a spike and is currently at $2,064.

However, BlackRock’s spot Bitcoin ETF application is currently under review by the U.S. Securities and Exchange Commission (SEC). The entire crypto community is eagerly awaiting the approval and pinning their hopes on a positive outcome that will lead to a massive spike in the market.

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