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November 14, 2023

XRP Futures Traders Suffer $7.26M Losses Amid False BlackRock ETF Rumors

Liam O'Sullivan
Written byLiam O'SullivanWriter
Researched byNikos PapadopoulosResearcher

Introduction

Traders who invested in XRP futures experienced significant losses of approximately $7.26 million within the last 24 hours. These losses were a result of the volatile price movements triggered by false rumors surrounding a potential exchange-traded fund (ETF) filing by BlackRock (BLK).

XRP Futures Traders Suffer $7.26M Losses Amid False BlackRock ETF Rumors

Price Surge and Misinformation

Following a tweet suggesting that BlackRock had filed for an XRP ETF in Delaware, XRP prices surged from 65 cents to 73 cents within a span of just 25 minutes. This sudden price increase was further amplified by certain crypto news firms reporting on the filing as a factual event.

BlackRock's Confirmation

However, BlackRock (BLK) promptly clarified that it had no intention of launching an XRP ETF. The asset management giant had previously filed with the U.S. Securities and Exchange Commission (SEC) for spot bitcoin and ether ETFs. The paperwork submitted for the XRP ETF filing mimicked the forms used for the previous filings, but it was not actually filed by BlackRock.

Conclusion

Traders in XRP futures trading faced substantial losses due to the false rumors surrounding the BlackRock ETF filing. It is crucial for traders to exercise caution and verify information before making investment decisions. This incident highlights the importance of conducting thorough research and relying on credible sources to avoid falling victim to misinformation.

About the author
Liam O'Sullivan
Liam O'Sullivan
About

Liam O'Sullivan, an Irish digital maestro, seamlessly fuses his impeccable command of English with an enthusiastic penchant for online gaming. Highly regarded for his localization expertise, Liam fine-tunes online casino guides, ensuring they resonate profoundly with the diverse English-speaking populace.

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