XRP investors found themselves in a tough spot as losses totaling $7.26 million unfolded due to misleading rumors about a BlackRock ETF. These losses marked the fourth-largest among major cryptocurrencies, trailing behind bitcoin, ether, and Solana.
The tumult began when XRP’s price experienced a sudden uptick, surging from 65 cents to 73 cents. The catalyst behind this shift was a deceptive tweet suggesting that BlackRock had filed for an XRP ETF.
Unfortunately, the information proved to be false, but not before triggering a temporary spike in XRP prices.
As the truth about the fake ETF filing surfaced, XRP witnessed a sharp decline in its value. This abrupt downturn caught many traders off guard, especially those who had placed substantial bets on XRP’s upward trajectory.
Notably, over 75% of the liquidations were attributed to traders who had anticipated a continued rise in XRP prices.
The bulk of these trades took place on popular crypto exchanges Binance and Bybit. Individual losses ranged from a few thousand to well over $200,000, underlining the significant financial impact on those who had invested based on the misleading information.