A fraudulent filing mimicking financial giant BlackRock has caused a momentary surge in the price of XRP as investors were led to believe that an XRP exchange-traded fund (ETF) was in the works.
The deceptive filing was submitted to the Delaware Divisions of Corporations and subsequently published on its official website. The document featured several similarities to legitimate BlackRock filings, including the name and address of the registered agent. While previous filings pertained to bitcoin and ether, this counterfeit submission specifically mentioned XRP.
Following the appearance of the fake filing, the token’s price experienced a rapid 12% increase within the first 30 minutes after the news began circulating. However, as soon as it was revealed that the filing was a hoax, the price retreated.
Bloomberg ETF analyst Eric Balchunas, who had reached out to BlackRock, confirmed the fraudulent nature of the filing, causing the token to lose all its gains within half an hour.
Balchunas speculated that an individual impersonated BlackRock managing director Daniel Schwieger to list the XRP trust on the Delaware list of corporations website. Dylan LeClair, an analyst at Bitcoin Magazine, was among the first to report on the incident. Both Balchunas and The Block shared the listing in now-deleted posts.
BlackRock had recently expressed its ambitions to expand beyond Bitcoin by filing for a spot in Ether ETF on November 9. The appearance of the fake filing prompted discussions about the credibility of BlackRock’s ETF aspirations and highlighted the need for caution in the cryptocurrency market.
In response to the incident, Seyffart, an analyst at Bitcoin Magazine, emphasized that the spot Ether ETF is indeed real, having been officially confirmed through a 19b-4 submission by Nasdaq to the Securities and Exchange Commission.
XRP Price Analysis & Prediction
The present value of XRP stands at $0.664511 USD, indicating a 1.81% rise over the last 24 hours, accompanied by a trading volume of $3,220,281,589 USD. XRP maintains its position as the fifth-ranked cryptocurrency on CoinMarketCap, showcasing a current market capitalization of $35,652,857,507 USD.
As per Coincodex’s forecast, XRP is anticipated to experience a 32.35% surge, reaching $0.875166 by November 18, 2023. Coincodex’s technical analysis indicates a Neutral sentiment, complemented by a Fear & Greed Index reading of 69 (Greed). Over the last 30 days, XRP has witnessed 63% positive (green) days, exhibiting 11.66% price volatility.
Coincodex’s technical indicators suggest that XRP’s 200-day Simple Moving Average (SMA) will ascend to $0.580317 by December 13, 2023, while the short-term 50-day SMA is projected to reach $0.723440 by the same date.
At present, the Relative Strength Index (RSI) sits at 71.37, signaling an overbought market for XRP. The RSI indicator supports the expectation of a price increase in the near future.
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