Fake XRP ETF News Causes Brief 15% Pump in XRP Price

Fake XRP ETF News Causes Brief 15% Pump in XRP Price

XRP on November 13, 2023, spiked +15% to $0.75 after news of an XRP ETF trust by Blackrock hit the crypto Twitter space. The price of XRP shortly returned to the $0.65 range after doubt was cast on the credibility of the news.

The XRP ETF Trust appeared on the Delaware ICIS official website, further feeding the uncertainty among crypto investors concerning the validity of the filing.

Among other discussions, popular crypto Twitter accounts have noted the potential that big money may be coming into the crypto space. They further warned that XRP may be experiencing market manipulation.

Attorney Jeremy, a respected voice among the XRPArmy community, shed some light on the issue, citing that it would only cost $500 to spoof the formation of an XRP ETF trust.

Attorney Jeremy also presented two scenarios:

  1. Either the ETF is fake, and the criminal orchestrated the whole scheme to make a few million dollars profit.
  2. Or Blackrock clients who want to be exposed to XRP have begun the process.

XRP Technical Analysis: Journey to the Supply Zone to Add +32% Gains to XRP

XRPUSDT Chart by Tradingview

Coming down from the hype of the inaccurate news, XRP retraced back to the trendline (blue). 

If XRP breaks below the trendline, it could fall back to $0.58 (50-day EMA) and $0.53 (200-day EMA). However, if the trendline offers support, XRP looks at a +32% rally to the $0.8583 level.

With such price manipulation on such a major cryptocurrency, vigilance and skepticism are required before acting on any information shared in the crypto space.

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