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The Fake Etf News Fluctuated Xrp Price

The fluctuations in the price of the cryptocurrency XRP were reportedly driven by fake Exchange-Traded Fund (ETF) news. According to the news, speculation surrounding a fake ETF application impacted the value of XRP. The price increase in XRP was short-lived as the news of the fake ETF application emerged.

A news claiming that investment manager BlackRock created an XRP exchange-traded fund (ETF) briefly led to a 12% increase in the price of XRP. However, when it was revealed that this news was fake, XRP rapidly lost its value.

Twitter users got excited with the news alleging that BlackRock had applied to register an exchange-traded fund called "iShares XRP Trust." After the news was published, XRP gained 12% in value within the first 30 minutes after the application, reaching $0.73. However, after Bloomberg ETF analyst Eric Balchunas confirmed that the news was fake, XRP experienced a significant drop in price.

Balchunas emphasized that a malicious actor likely imitated BlackRock's CEO Daniel Schwieger, listing the XRP ETF on the Delaware companies list website.

Bitcoin Magazine analyst Dylan LeClair was one of the first to report the news. Balchunas and The Block also shared the list but later deleted their posts.

BlackRock had announced on November 9th that it applied for a spot Ether ETF, demonstrating that its ETF goals were not limited to Bitcoin.

Seyffart emphasized the significance of this development, reaffirming that the spot Ether ETF is real. He pointed out that the application had been officially submitted to the Securities and Exchange Commission by Nasdaq, underscoring the importance of this move.

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