According to Decrypt, the price of XRP experienced a significant increase after a fake exchange-traded fund (ETF) application was filed with the U.S. Securities and Exchange Commission. The Delaware Office of the Secretary of State has informed the state Department of Justice about the fraudulent filing. On Monday, an application labeled 'BlackRock iShares XRP Trust' was filed in Delaware, causing the price of XRP to soar 12% in just 30 minutes. However, the price dropped after it was revealed that BlackRock, the world's largest fund manager, did not make the filing. The SEC is currently reviewing several ETF applications from prominent traditional finance firms, including one from BlackRock.
If approved, the U.S. would get its first spot Bitcoin ETF, allowing investors to gain exposure to cryptocurrency without purchasing it directly. The SEC has denied Bitcoin ETFs for the past decade, primarily citing market manipulation as the main reason. However, experts now believe it is only a matter of time before Wall Street gets one. Bloomberg Intelligence analysts predict a 90% chance of a Bitcoin ETF in the U.S. market by January 10. News surrounding the potential approval of such a product typically causes the price of the crypto market to rise. XRP is currently trading at $0.62, down over 4% in the past 24 hours.
