XRP Sees Brief Rally Before Pullback Amid Fake Ripple ETF News But Could BTCETF Token Explode

The post XRP Sees Brief Rally Before Pullback Amid Fake Ripple ETF News But Could BTCETF Token Explode appeared first on Coinpedia Fintech News

The price of XRP experienced a brief rally yesterday, surging by over 13% in just three hours.

However, this temporary pump was driven by misinformation circulating on social media regarding a purported upcoming XRP exchange-traded fund (ETF).

With the prospect of a spot Bitcoin ETF still on the table, projects like the new Bitcoin ETF Token (BTCETF) could also benefit from positive regulatory developments.

XRP Price Goes on Rollercoaster Ride After BlackRock ETF Rumors

On Monday afternoon, XRP saw a sharp price surge after news about BlackRock launching an ETF based on the token spread on social media.

The rumour stemmed from a document on the Delaware corporation’s website, which falsely claimed that BlackRock had filed to register an “iShares XRP Trust”.

As news of the supposed ETF spread across crypto Twitter, XRP’s price spiked from $0.651 to $0.728 within minutes.

However, these gains were short-lived as Bloomberg ETF analyst Eric Balchunas, after consultation with BlackRock, confirmed that the filing was fake.

Balchunas speculated that someone impersonated BlackRock managing director Daniel Schweiger to list the bogus XRP trust.

Several crypto influencers and media outlets shared the false filing before it was officially debunked.

However, some high-profile names, including My Financial Friend, who released a video on the topic, suggest that BlackRock manipulated the XRP price.

XRP Technicals Remain Strong Amid Market Volatility

Despite the brief fake news rally, XRP’s technical picture remains essentially unchanged.

The token has been trading sideways since last Thursday, stuck between $0.64 and $0.68.

Its 200-day exponential moving average (EMA) sits at $0.53, meaning XRP is still trading well above this key indicator – suggesting a generally positive longer-term trend.

Moreover, the spot trading volume for XRP has surged 234% in the past day, contributing to its market cap reaching $35.1 billion.

However, XRP is still trading 31% lower than its July high, which came after Ripple won its legal battle against the SEC over whether XRP can be considered a security.

The fact that XRP hasn’t managed to return to this high, or even surpass it, suggests that investor confidence in the token’s future performance is still shaky.

This is likely influenced by ongoing regulatory uncertainties, a natural by-product of Ripple’s long-running legal issues.

All in all, XRP remains a token with significant potential yet continues to face challenges that affect investors’ perception of it – hence its current discount relative to July’s peak. 

Which Altcoins Could Also Be Influenced by ETF Approval News?

While XRP traders may feel burned by the fake ETF news pump, other altcoins could still benefit from any real regulatory progress on a spot BTC ETF approval.

One project specifically positioned to take advantage of positive ETF developments is the new Bitcoin ETF Token (BTCETF), currently in its presale phase.

Bitcoin ETF Token Introduces New Era of Deflationary Tokenomics Through Burns & Taxes

Bitcoin ETF Token is designed around key milestones in the spot BTC ETF approval process – each time a milestone is achieved, 5% of the total 2.1 billion BTCETF token supply will be burned.

This mechanism is intended to reduce the available token supply, a strategy that typically has a positive impact on price over time, assuming that demand also rises.

So far, the project has raised over $570,000 in presale funding, sparking significant buzz on social media and in the official Bitcoin ETF Token Telegram channel.

Furthermore, 64.4 million BTCETF tokens have already been staked using the high-yield staking protocol, attracting an APY of 433%.

Once the token has officially launched on exchanges, the developers will implement a selling tax on BTCETF transactions, whereby 5% of each transfer will be burned.

As real-world spot BTC ETF milestones are reached, the 5% burn will decrease until it reaches 0%.

Through this setup, investors can gain exposure to the excitement around a possible spot Bitcoin ETF being launched while benefiting from deflationary tokenomics designed to reward long-term holders.

YouTuber Austin Hilton, who has an audience of over 235,000 subscribers, even released a video on BTCETF – stating that it is “like nothing you have ever seen.”

As the conversation around crypto ETFs continues, the Bitcoin ETF Token presents an intriguing option for investors seeking exposure to the hype.

Prospective investors can buy BTCETF tokens through the presale at btcetftoken.com using ETH, USDT, or a credit/debit card.