XRP Traders Lose $7.26 Million Amid BlackRock Rumors
XRP traders lost $7.26 million due to a price fall following false rumors about a BlackRock ETF, with most bets made on Binance and Bybit.
XRP investors faced big losses, totaling $7.26 million, due to price swings following false rumors about a BlackRock ETF. These losses ranked fourth after bitcoin, ether, and Solana.
XRP's price briefly surged from 65 cents to 73 cents after a misleading tweet about BlackRock's supposed XRP ETF filing. The fake news was mistakenly reported as true, causing a temporary price increase.
The ETF filing was soon revealed as fake, leading to a sharp price drop. Many traders had already placed large bets on XRP prices rising, resulting in significant losses. Over 75% of the liquidations were from traders hoping for higher prices.
Most of these trades were made on crypto exchanges Binance and Bybit, with amounts ranging from a few thousand to over $200,000.
Liquidation occurs when an exchange forcibly terminates a trade due to the trader's inability to maintain the required money. Many XRP traders experienced this after betting on higher prices without first confirming the news.
