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XRP, the fifth-largest cryptocurrency, is attempting to recover after yesterday’s brief rise and subsequent drop following speculation about the introduction of a BlackRock ETF.
At the time of writing,
According to data from CoinMarketCap, XRP has caused a 244% increase in trading volumes, given the events of the last day.
A total of $3,550,863,245 worth of XRP, or 5.32 billion XRP, was exchanged between buyers and sellers in the last 24 hours, representing the trading volume.
XRP briefly hit highs of $0.748 in Monday trading after Twitter users drew attention to a Delaware document suggesting BlackRock applied to register the “iShares XRP Trust,” a precursor to launching an exchange-traded fund on the stock market (ETF).
However, the price gains quickly dispersed after the filing was confirmed to be fake. Eric Balchunas, an analyst at Bloomberg ETF, debunked the report and speculated that the act could have been carried out by an imposter.
However, there was a silver lining for XRP price as it retested a key buy level at $0.64, from where it recovered. The bears have consistently failed to push the XRP price below this key level since November 11, and this time was no exception.
Going forward, if the bounce holds, XRP could aim to retest the $0.732 to $0.74 range before targeting the $0.85 level.
In a new development in the Ripple lawsuit, Judge Torres has laid out the timeline regarding discovery of remedies and information. According to Jeremy Hogan, final briefs in April could indicate a final ruling in July.
Fred Rispoli, a legal expert who was also involved in the Ripple lawsuit, ruled out the possibility of a Second Circuit ruling on an appeal by either party (if one is ever filed) before mid-2026. Rispoli adds that the game is over for the SEC.
