XRP On A Rollercoaster: What In the World Is Happening With 'The Banker's Coin'?
Portfolio Pulse from Mehab Qureshi
A fraudulent filing for a 'BlackRock iShares XRP Trust' in Delaware caused a temporary 12% spike in XRP's price. BlackRock confirmed the filing was a hoax. The incident highlights the crypto market's sensitivity to news, especially regarding institutional acceptance. BlackRock's legitimate 'iShares Ethereum Trust' filing previously boosted Ethereum's price. The SEC is expected to decide on Bitcoin ETF applications, but no approvals have been confirmed yet. Ripple's optimism about XRP's use in international payments follows a court decision not classifying it as a security.
November 14, 2023 | 4:15 am
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NEUTRAL IMPACT
BlackRock, the world's largest asset manager, was falsely associated with a fraudulent XRP trust filing, which they confirmed as a hoax. The company's legitimate Ethereum trust filing previously had a positive impact on Ethereum's price.
While BlackRock was involved in the news, the impact on its stock price is likely neutral in the short term. The company's quick response to the hoax may mitigate any negative effects, and its actual involvement in the crypto space through the Ethereum trust could maintain investor confidence.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 70