Ripple’s XRP Misses Out on the ETF Party: A Comedy of Errors

Disinformation About BlackRock's iShares XRP Trust Causes Temporary Drop in Price and Results in Significant Liquidations at $0.74

False information about BlackRock’s iShares XRP Trust caused a temporary drop in price to $0.74, resulting in significant liquidation.

In the midst of the Bitcoin and Ethereum exchange-traded fund (ETF) frenzy in the United States, the Ripple Labs-backed XRP finds itself left out in the cold. The crypto community is scratching its collective head, wondering why XRP, despite having legal clarity, has been excluded from the ETF bonanza. But fear not, dear investors, because this story has more twists and turns than a roller coaster ride at an amusement park.

Picture this: rumors start circulating that BlackRock Inc, the behemoth of the investment world, has filed to list an XRP ETF. Excitement fills the air as XRP enthusiasts envision the token skyrocketing to new heights. But alas, it turns out that the news was nothing more than a cruel prank. The so-called iShares XRP Trust listed on the ICIS Delaware website was nothing more than a fake, designed to manipulate the market. You can almost hear the collective groan from XRP holders as the price briefly shoots up, only to come crashing down when reality sets in.

But wait, it gets even better. According to Jeremy Hogan, a crypto-friendly legal expert, a cunning criminal might have filed the necessary documents for an XRP ETF and paid the meager fee of $500. The nefarious plan? Manipulate the market and profit handsomely. Imagine this criminal mastermind placing a bet on XRP’s leverage, selling at 74 cents, and laughing all the way to the bank. It’s like a heist movie starring XRP, with the criminal walking away with a suitcase full of profits.

Meanwhile, as the Ripple vs SEC legal battle rages on, the XRP market is trapped in suspense. The US Securities and Exchange Commission insists on regulating XRP as a security, but the recent summary judgment ruled that XRP exchange sales do not qualify as investment contracts. The result? More crypto firms relist XRP for trading, causing a surge in its trading volume and liquidity. Investors are doubling down on the instrument, with a trading volume of $3.1 billion in the past 24 hours. That’s enough liquidity to make any investor’s head spin.

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Amidst this sea of liquidity, one can’t help but wonder why there’s a glaring absence of an XRP ETF application. Yassin Mobarak, the founder of Dizer Capital, points out this peculiar situation, especially when legal clarity is already in place. Institutional investors are clamoring for crypto ETFs to diversify their portfolios and hedge against fiat inflation. It’s like XRP is the proverbial wallflower, waiting for someone to ask it to dance.

Unfortunately, the XRP party won’t truly kick off until the SEC vs Ripple case reaches its dramatic conclusion. And when will that be, you ask? Well, grab your popcorn and settle in for the long haul, because we’re looking at early 2025. Yes, dear readers, it seems like XRP is fated to wait in purgatory until the trial outcome in the first quarter of 2024 reveals its ultimate destiny.

So, fellow crypto enthusiasts, as we navigate the murky waters of ETFs, lawsuits, and market manipulation, let’s remember to keep our sense of humor intact. After all, it’s not every day that we witness a comedy of errors in the world of digital assets. And who knows, maybe someday we’ll see XRP take the stage and dance its way into the ETF spotlight. Until then, we’ll just have to enjoy the show from the sidelines.

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