XRP Price Suddenly Jumps, Here’s Crazy Explanation

Yuri Molchan

The fifth largest digital currency has demonstrated a sudden jump but it did not last long – here’s what happened

One of the top cryptocurrencies, Ripple-affiliated XRP, has suddenly soared in price, adding 3.37% to its price and reaching the $0.51055 level.

However, this local peak did not hold and the coin went back down, making another attempt to rise after that. At the time of this writing, XRP is changing hands at $0.49778 per token.

The jump in the XRP happened due to the recent news of the American securities regulator allegedly approving iShares Bitcoin spot ETF whose filing was submitted by the world’s largest fund manager BlackRock.

Bitcoin soars and falls back, XRP follows

This news posted by various crypto media and then by Reuters and Bloomberg Terminal, then it pushed the global flagship crypto Bitcoin up by 10%. However, reaction followed from BlackRock, stating that it was fake news and their BTC ETF is still being considered by the picky regulator and its chairman Gary Gensler – the most hated person by the crypto community now. This pushed Bitcoin back down.

It was not only XRP that followed Bitcoin up and then down, so did other altcoins, including ETH, SOL, ADA, DOGE and many others.

Crypto community abuzz

This event – the fake news about the ETF – is now being heatedly discussed on the X app by various crypto influencers and average members of the community. Tether CEO Paolo Ardoino has asked his followers whether the news is true or not since “nowadays can’t trust much news…”

Prominent crypto trader and podcaster Scott Melter believes that the ETF will eventually be approved but those who leaked the fake news have been able to “make a ton of money by trading the volatility and front running. This seems unlikely, considering the way the SEC has handled the spot ETFs so deliberately.”

“There are more scenarios, none are great… unless we are about to see a real approval,” he concluded.

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Yuri Molchan