Ripple’s native XRP nears $0.70 with speculation about BlackRock XRP Trust circulating throughout the market.
Currently trading at $0.65, XRP is down 5% over the week. Over the month, however, the coin has gained value by a whopping 34%. XRP hit $0.74 just yesterday, the highest price mark the coin has hit since July 25th.
Interestingly XRP saw a sudden rise in value yesterday as the coin went from the low of $0.65 to $0.74 within a span of half an hour. The rise was fueled by the news that the behemoth asset management firm BlackRock is founding an XRP fund. The news was propagated by an entry that was made on Delaware Department of State’s Division of Corporations website. The website actually has a list of asset management firms and the funds registered by them.
The entry was made on that list yesterday for a fund named “iShares XRP Trust”. The address provided for that fund was of one of firm’s offices “C/O BlackRock Advisors, LLC 100 Bellevue Parkway”.
The entry was later denied by BlackRock as reported by the Bloomberg analyst, Eric Balchunas. According to Eric “It’s bizarre stuff, the real issue tho is who the hell is pretending to be BLK and registering legal names?
Though it was a fake news, nevertheless, it did send a frenzy of excitement through the crypto market. Albeit it was short lived, as XRP crashed down to $0.65 within an hour.
It is notable that there is, however, a solid chance that the SEC may approve the Bitcoin ETF in the coming months or even weeks. If this pans out as it is being reported across media, it would be big, infect very big. It may even kindle the incoming crypto bull run, that is impending for quite sometime now.