Key Points:
The Delaware Department of State’s Division of Corporations website prominently featured information about the “iShares XRP Trust” registered to BlackRock. This inaccurate filing caused quite a stir in the cryptocurrency community, leading to a temporary surge in the value of XRP, which soared by almost 13%. This sudden increase caught the attention of many on social media platforms, generating significant buzz and discussions. However, the excitement was short-lived, as XRP quickly relinquished these gains and ended up trading lower for the rest of the day.
While XRP is a significant cryptocurrency, ranking fifth on CoinGecko’s website, it may not be as widely recognized and popular as Bitcoin and Ether, which have garnered much more mainstream attention and adoption. Nonetheless, XRP continues to play a crucial role in the ever-evolving world of digital currencies, attracting its own dedicated community of investors and enthusiasts.
Attempts to reach the Delaware Department of State for clarification went unanswered, and the origin of the misleading information on the website remains unclear. This incident highlights the rapid spread of false information in the crypto community, fueled by excitement over the potential approval of a Bitcoin-focused exchange-traded fund by US regulators.
It’s important to note that such hoaxes can have real-life consequences in the crypto space. Token prices react swiftly to developments related to crypto-focused ETFs, but these gains can be quickly relinquished. For example, a recent false tweet claiming SEC approval of a Bitcoin fund caused prices to soar before being debunked. Last week, BlackRock indeed filed for an Ether-based fund, and this filing also appeared on the Delaware website. The same BlackRock contact was listed for both the legitimate Ether filing and the deceptive XRP submission, adding to the confusion.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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