BlackRock XRP Pump Unravels – A $50 Scheme Exposed

On November 13, 2023, rumors circulated that BlackRock submitted an application for a cryptocurrency trust based on XRP, causing the coin's value to skyrocket by over 16%. Soon after, Bloomberg analyst Eric Balchunas debunked the news, labeling it as fake. XRP swiftly returned to its previous levels.

Crypto industry experts noted that BlackRock's XRP trust application still appeared on Delaware's state department website. Some argued the news might not be entirely fake. Bloomberg analysts insisted otherwise. Crypto enthusiasts began sharing their investigations, with one analyst, MartyParty, revealing that anyone could publish a trust application on Delaware's website for a mere $50 and some free time.

MartyParty discovered that Delaware's state department doesn't verify information in applications. Anyone can submit one by paying a $50 fee and providing a unique instrument name. According to MartyParty, the department doesn't request identification or contact the application authors.

The resurgence of the race for the first-ever US spot Bitcoin ETF in 2023 influenced positive dynamics for BTC and other coins. The expectation of its approval became a driving force for market optimism. The news of BlackRock's application for an XRP-based investment instrument signaled positivity for cryptocurrency investors anticipating institutional funds, leading to the coin's pump.

Hidden behind the scenes are individuals who published the application on Delaware's state department website. Aware of the market's sharp response to news about BlackRock launching investment instruments based on cryptocurrency, stakeholders could have stocked up on XRP beforehand to profit from the pump. After the denial, they might have taken short positions. According to MartyParty, this scheme cost them only $50. The saga continues, as the US Department of Justice takes on the case of the fake XRP ETF registration by BlackRock.