A false filing by a BlackRock crypto ETF sent the price of XRP soaring before crashing again

BlackRock CEO Larry FinkBrendan McDermid/Reuters

  • A fake filing for a spot XRP ETF from BlackRock sent the token soaring late Monday on Monday.

  • The filing appeared on the website that registers mutual funds in Delaware, but BlackRock did not file it.

  • XRP jumped as much as 13% before falling again.

Cryptocurrency XRP rose as much as 13% late in the day on Monday before paring those gains after a fake filing for the spot XRP ETF surfaced.

The filing named BlackRock in the Delaware Division of Corporations, although BlackRock did not file a filing, Bloomberg first reported.

XRP rose slightly on Tuesday morning, trading around $0.66.

The fake report comes weeks after a similar event sent the price of bitcoin soaring. Last month, report incorrectly stated that the Securities and Exchange Commission approved BlackRock’s application for a spot bitcoin ETF. The crypto spiked briefly before falling again.

Although XRP’s filing was false, the short-lived rally is not surprising as optimism has been building in recent months that the US could see its first spot crypto ETF. BlackRock last week registered for spot ether ETF and is among the many companies awaiting approval for the first spot bitcoin ETF.

Other Wall Street stalwarts, including Fidelity, have filed for SEC approval for related products, and several prominent investors such as Michael Saylor and Mike Novogratz remains optimistic that the US will get a spot crypto ETF this year.

Cryptocurrencies have had their best year yet, with bitcoin and ether, the largest tokens by market cap, up 120% and 70% year-to-date, respectively.

Digital asset funds have also seen massive inflows, according to CoinShares. Crypto investment products added $293 million last week, pushing the total for the year above $1 billion — good for the third largest annual influx on record.

Read the original article at BusinessInsider

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