- XRP experienced a surge in prices due to rumors of a BlackRock XRP ETF filing, leading to a 15% increase to around $0.75.
- ETF analyst Eric Balchunas debunked the rumors, causing prices to retreat as the fake filing was exposed.
- Ripple found support at $0.64, a key level since November 11th, demonstrating resilience and bouncing back.
XRP is working to recover after a bogus filing briefly sent prices surging earlier this week. The token is up slightly over the last 24 hours, making it one of the only top 10 cryptos in green.
On Monday, rumors circulated on Twitter that asset manager BlackRock had filed to launch an XRP exchange-traded fund (ETF). The unverified reports swiftly lifted XRP over 15% to highs around $0.75.
However, prominent ETF analyst Eric Balchunas soon dispelled the claims, noting that the Delaware filing appeared fake. Prices erased the bulk of gains as investors digested the debunked news.
XRP found support right around $0.64
Nonetheless, Ripple found support right around $0.64, a key level it has consistently bounced from since November 11th. The latest retest of $0.64 enabled the token to pivot higher once again.
If upside momentum persists, analysts suggest XRP may next target the $0.73–$0.74 area before setting sights on the $0.85 resistance level. The ability to turn fake news into renewed buying interest underscores the lingering speculative fervor around XRP.
The resilience also comes as new court filings hint that an end to Ripple’s long-running legal battle with the Securities and Exchange Commission may finally be in sight. The SEC sued Ripple in 2020 for allegedly selling XRP as an unregistered security.
According to lawyer Jeremy Hogan, final remedy briefs scheduled for April could pave the way for a final judgment by July 2023. Hogan and others have asserted that the drawn-out lawsuit has fundamentally weakened the SEC’s position against Ripple.
While the fake ETF filing provided brief excitement, Ripple continues its grind back toward a nascent uptrend. If the SEC lawsuit reaches a favorable resolution, substantially higher prices are likely to await.
