Is it real, or is it fake? Cryptocurrency markets can be a wild ride, and the recent turbulence came from rumors of BlackRock filing for an XRP ETF – causing over $6 million in liquidations due to the subsequent market frenzy.
Can we say it is a sneak peek into what’s coming, or are we in for another strew of fake news!?
It all started with news of BlackRock registering an XRP ETF, causing XRP’s price to jump by 12% to $0.73 in just 30 minutes. But the excitement was short-lived. Bloomberg’s ETF analyst, Eric Balchunas, quickly debunked the news, confirming it as false after reaching out to BlackRock.
Despite the correction, the damage was done. Coinglass data showed a massive sell-off, leading to a staggering $6.91 million liquidated within 24 hours. XRP found itself at $0.66, riding the rollercoaster created by the fake ETF buzz.
Also Read: Why Doesn’t XRP Have a Spot ETF? Experts Debate
The news of BlackRock’s involvement in an XRP ETF raised eyebrows, considering its conservative approach in the crypto world. Doubts increased given XRP’s legal issues with the SEC and its lack of a significant regulated futures market in the U.S., unlike Bitcoin and Ether.
Mixed Signals
While Ethereum saw a surge to $2,064 after BlackRock’s iShares Ethereum Trust application, doubts remained about the legitimacy of BlackRock’s spot Bitcoin ETF application, currently under SEC scrutiny. Opinions within the XRP community varied, with some seeing it as positive and others as a risky move.
Experts questioned the likelihood of BlackRock pursuing an XRP ETF, given its cautious stance in the crypto world amid legal challenges. On the flip side, James Seyffart confirmed the legitimacy of the spot Ether ETF, officially acknowledged through Nasdaq’s submission to the Securities and Exchange Commission.
Despite the fake news, XRP held its ground above crucial Exponential Moving Averages (EMAs), signaling a bullish trend. Analysts suggested a potential move to $0.6720, aiming for the $0.7047 resistance level. On the downside, dropping below $0.65 could test the $0.6354 support level.
The Relative Strength Index (RSI) reading of 63.17 hinted at a move to $0.67 before entering overbought territory.
In the midst of the false ETF news, the SEC v Ripple case remains crucial for XRP’s path amid market uncertainty. The court has set a deadline for the SEC and Ripple to conclude remedies-related discovery by February 12, 2024. Ripple’s remedy brief is due on March 13, the SEC’s on April 12, and the SEC’s response to Ripple’s brief by April 19, 2024.
This legal battle continues to play a significant role in determining XRP’s future.
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