In a sudden turn of events, traders investing in XRP futures faced significant losses, totaling $7.26 million, within a span of 24 hours. The price of XRP experienced a drastic surge following rumors of a BlackRock exchange-traded fund (ETF) filing.

Within just 25 minutes, XRP prices skyrocketed from 65 cents to 73 cents, triggered by a tweet suggesting that financial giant BlackRock had submitted an XRP ETF filing in Delaware, USA. Reputable crypto news outlets reported on the filing, causing the price of XRP to further amplify.

However, it was soon revealed that the filing was a fraudulent one. It appears that someone used a fake form, possibly using the alias of a BlackRock executive, to replicate a legitimate online filing. Consequently, the XRP prices swiftly plummeted back to their previous levels.

Unfortunately, leveraged traders had already jumped into the market by that point. Data analysis indicates that more than 75% of traders who faced liquidations were longs, speculating on higher prices. These traders placed approximately $5 million in orders during this short time frame, without verifying the authenticity of the filing.

The incident serves as a reminder of the potential risks in the cryptocurrency market, where rumors and fake news can have significant consequences. Traders must exercise caution and conduct thorough due diligence before making investment decisions.

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