Blockchain

In a recent post on X (formerly Twitter), noted XRP advocate and lawyer John Deaton shared his top 10 cryptocurrency picks for the next 12 months. His selection includes a mix of well-established and emerging digital currencies.

He stated, “If you had to pick only 10 tokens to own for the next 12 months (as a trade) what are they? Here’s mine: BTC, XRP, ETH, QNT, RNDR, SOL, KAS, AVAX, HBAR, CSPR. What am I missing?”

Analysis Of The Pro-XRP Lawyer’s Picks

Bitcoin (BTC): Deaton likely selected Bitcoin due to the potential imminent approval of a spot Bitcoin ETF in the United States. Bloomberg Intelligence analysts anticipate that the US Securities and Exchange Commission (SEC) might approve multiple spot Bitcoin ETF by January 10, 2024, a move that could significantly impact Bitcoin’s value

XRP: Deaton’s choice of XRP is consistent with his role as a strong supporter and legal advocate for the XRP community. XRP’s status as a regulatory-defined token in the United States with high utility adds to its appeal. Currently, XRP is consolidating after being rejected at the 0.618 Fibonacci retracement level at $0.7492.

Ethereum (ETH): Despite the harsh criticism of Ethereum’s founder, Deaton has included ETH in his list. This might be due to its position as the second-largest cryptocurrency by market cap. Also, BlackRock and several other financial giants have recently applied for a Spot Ethereum ETF, adding to the potential bullish trajectory of ETH in the next 12 months.

Quant (QNT): The QNT token of Quant Network has found itself in a downtrend channel since late January this year, down approximately 35% from its year-to-date high. With the current price of $98.74, QNT is 78% below its all-time high of $428.38 on November 21, 2023. Nevertheless, Quant can boast partnerships with major financial institutions, including the Bank for International Settlements (BIS), Bank of England, Bank of Canada, MasterCard, Amazon, and Barclays, to develop and test use cases for central bank digital currencies (CBDCs).

Render Network (RNDR): The RDNR token is currently up 725% since the beginning of the year. Render Network provides a decentralized GPU rendering platform, allowing artists to scale GPU rendering work on-demand to high-performance GPU nodes. Notably, the RDNR price has also profited from the AI narrative.

Solana: SOL has been one of the other big winners this year, up nearly 600% at the current price since it went below $8 at the end of last year. Solana is currently seen as the potential biggest challenger to Ethereum as a layer-1 blockchain, which is why Deaton may have ranked SOL on his list.

Kaspa (KAS): Kaspa has gained attention due to its positioning as a highly scalable Layer-1 blockchain, with a focus on fast confirmations and high throughput. Its underlying technology, GhostDAG/PHANTOM protocol, aims to balance security, scalability, and decentralization. The KAS token’s impressive performance, with an over 2,600 % increase year-to-date, makes it a notable inclusion.

Avalanche (AVAX): Avalanche’s AVAX token might be included due to its recent gains of almost 130% since mid-October. Deaton may have chosen AVAX because of Avalanche’s involvement in the Monetary Authority of Singapore’s tokenization initiative, Project Guardian, as well as its partnership with Amazon Web Services and Deloitte, all of which are potential catalysts for price appreciation.

Hedera (HBAR): Hedera Hashgraph has gained prominence by becoming part of FedNow, the US Federal Reserve’s instant payments platform. This development led to a significant surge in the price of Hedera’s HBAR token.

Casper (CSPR): Casper’s inclusion may be due to its position as one of the fastest-growing blockchain projects, with a focus on solving the blockchain trilemma of scalability, security, and decentralization.

Remarkably, Deaton’s selections reflect a balance between established market leaders like Bitcoin and Ethereum, and emerging, high-potential projects like Kaspa and Casper. This blend indicates a strategic approach to cryptocurrency investment, recognizing both stability and innovation within the digital asset space.

Ethereum whales have been bullish for a long time now, even through the stretched-out bear market of the last year, and their accumulation trends prove this. According to Santiment, the largest Ethereum wallets have been stacking up ETH at an alarming rate, suggesting that these large investors expect the price to keep going up.

Ethereum Whales Buy $124 Billion Worth Of Tokens

Santiment reports that the top 200 Ethereum whales have been buying ETH since November 21, 2022. This was just a few weeks after the FTX crypto exchange filed for bankruptcy, sending cryptocurrency prices across the space into a downward spiral. ETH prices would eventually fall as low as $900 and as fear grew, so did the opportunity for buying.

However, even after prices began to recover once more, breaking above $1,000, these large investors did not reduce their buying. Santiment reveals that they continued to purchase tokens and by November 2022, these top 200 Ethereum wallets have bought up $124 billion worth of ETH.

In total, these addresses increased their holdings by a whopping 30%, and they now hold a collective 62.76 million tokens. This figure means that the top 200 Ethereum wallets now command approximately 52% of the total ETH supply.

The whale buying spree has not been the only bullish development for Ethereum though as there has been a marked increase in the number of new ETH wallets that are being created. Santiment notes that on Tuesday, November 21, a total of 94,700 new wallets were created on the network, a new 4-month high. This could point to a return of interest in the ecosystem and adoption could trigger a price recovery.

ETH On The Cusp Of Recovery

Although the price of Ethereum has been hit hard following the news of Binance and its CEO Changpeng Zhao hitting the space hard, it has maintained a reasonable price level just below $2,000. This ensures that forecasts are still valid and the chances of recovery remain high.

Crypto analyst FieryTrading has forecasted that the Ethereum price could cross back into the $2,350 territory soon. The analyst notes that the [rice had been on a continuous consolidation trend following the rise from $1,500 to $2,100. Given this, FieryTrading expects the altcoin to break out of its current ‘bull-flag’ as the market rallies.

“Bull-flags are bullish continuation patterns, to bullish price action is the most likely result from this pattern,” FieryTrading explains. Once this breakout happens, then the analyst places the “Target at 2400$ for the coming weeks.”

ETH is currently sitting at $1,996 at the time of this writing with small losses of 0.45% in the last 24 hours. It is performing better than Bitcoin which has fallen 2.24% in the same timeframe to trade at $36,480.

The prices of prominent cryptocurrencies, such as bitcoin and Binance Coin, experienced a decline subsequent to the emergence of reports indicating that Changpeng Zhao, the founder and CEO of Binance, admitted guilt in relation to charges of anti-money laundering and several other criminal violations.

This admission was made as part of a substantial settlement, amounting to billions of dollars, reached between Zhao and regulatory authorities in the United States.

Binance Coin had a decline of almost 6% following an earlier increase of up to 5% during the day. This fluctuation in value was driven by investors who were optimistic about the resolution of the ongoing multiyear investigation involving the world’s largest cryptocurrency exchange.

In the aftermath of the market downturn, investors holding long positions on BNB experienced widespread liquidation. At the time of writing, BNB long liquidations approached $3 million within the hour following the disclosure of the Binance developments.

The impact of the action had a significant influence on the remaining cryptocurrency market. The leading digital currency, Bitcoin (BTC), experienced a decrease of 1.55%, remaining slightly below the $37,000 mark. In a similar vein, Ethereum (ETH) observed a decline of around 2%, with its value reaching $1,993.

Additional cryptocurrencies, like Ripple (XRP), experienced a decline of 3.2%. Similarly, Solana witnessed a decrease of almost 4%, while Polygon and Uniswap recorded losses of 7.6% and 3.6%, respectively.

Zhao is currently confronting charges of violating criminal anti-money laundering laws, a charge he acknowledged responsibility for after resigning.

Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.

Binance is no longer a baby. It is…

— CZ Binance (@cz_binance) November 21, 2023

In addition, Binance has agreed to a $4.3 billion settlement with the US authorities, which is among the biggest, if not the most significant, resolutions in the history of the cryptocurrency market.

The most recent FOMC minutes also appear to have compelled investors to trade cautiously in light of the continued market concerns, which is why cryptocurrency prices were down today.

Notably, the drops in the prices of the majority of the main cryptocurrencies suggested that investor opinion may be changing.

Meanwhile, notwithstanding the early declines in price, some observers of the sector think that the Binance scenario may serve to further spark the recent surge in cryptocurrency prices.

According to Jeff Embry, the managing partner of Globe 3 Capital, a crypto hedge fund, the reported settlement involving Binance holds significant importance in the context of addressing the consequences and rectifying the negative effects of the bear market.

“Bear markets wash out many of the bad businesses, business practices, inefficiencies and bad actors,” he said.

Fineqia Research Analyst Matteo Greco said the crypto industry will benefit in the long run from Changpeng Zhao’s resignation and Binance agreeing to pay a fine of $4 billion or more.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Matrixport, a leading digital finance platform, today, November 22, released a comprehensive research note focusing on the significant implications of yesterday’s developments in the crypto industry, particularly regarding the prospects of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States.

Following the guilty plea of Binance CEO Changpeng Zhao (CZ) and the substantial financial settlements involved, Matrixport suggests that the path for approving a spot Bitcoin ETF might have become significantly clearer. The note highlights the regulatory crackdowns and compliance upgrades in the crypto sector, indicating a shift towards greater regulatory alignment with traditional financial (TradFi) systems.

“Some would argue that the US agencies have cleaned up the industry this year by dismantling the US crypto-related banks, as two of them were running an internal ledger that crypto companies could use 24/7 to transfer fiat. Arguably, few (perceived) major actors are left, and with Bitcoin only declining -3.4% during the last 24 hours, the market is stomaching a major risk-off event,” Matrixport remarks.

Spot Bitcoin ETF Approval Odds At 100% Now?

The company points out that with stringent enforcement actions and enhanced compliance programs becoming the norm among crypto exchanges, the differentiation between regulated and non-regulated cryptocurrency exchanges may become a key metric in 2024. This shift is seen as instrumental in the potential approval of a spot Bitcoin ETF in the US, a development long anticipated by the industry.

“The result will likely be that more exchanges will enhance their compliance programs and become part of a surveillance-sharing agreement, which will be instrumental in approving a spot Bitcoin ETF in the US,” the firm stated, adding, “With this plea deal, the expectations for a spot Bitcoin ETF might have increased to 100% as the industry will be forced to follow the rules that TradFi firms must follow.”

The firm believes that this “whitewashing” of the industry will not only enhance Bitcoin’s adoption by institutional players but also position it as a safe-haven asset in investment portfolios. “More importantly, this industry’s whitewashing will strengthen the Bitcoin adoption case for institutional players and will likely become a safe-haven asset in investors’ portfolios,” Matrixport predicts.

The note also touches on the anticipated sale of the FTX exchange and its potential relaunch under a US securities law-compliant management team by Q3 2024. Matrixport speculates that this could lead to significant inflows, estimated between $24-50 billion, into any US-listed Bitcoin ETF. They also note the increasing trend of crypto firms making markets on CME-listed crypto derivatives, indicating a shift from retail-focused, unregulated exchanges to those that are fully regulated and cater to institutional clients.

‘Dark Cloud Has Been Removed’ As ETF Makes Progress

Analysts and industry experts have echoed Matrixport’s sentiments. Will Clemente, a noted analyst, stated, “With resolution on Binance, just a matter of weeks until Bitcoin ETF approval now.” Tony “The Bull” Severino, head of research at NewsBTC, commented, “A dark cloud has just been removed from the crypto market.” Conversely, Scott Johnsson, a finance lawyer at Davis Polk, offered a more cautious view, suggesting that “It’s far more likely an ETF decision led the Binance resolution than the other way around imo. And I’m not convinced either is that likely.”

Remarkably, there has been some movement in the spot ETF approval process in the last few days. Ark Invest has kicked off the third round of amendments to the S-1 filings, Grayscale had a meeting with the US Securities and Exchange Commission yesterday regarding its “uplisting.”

At press time, BTC traded at $36,483.

MATIC price is down over 10% after the SEC’s lawsuit against Kraken mentioned MATIC as security. Polygon is under pressure and might struggle to recover.

MATIC price started a fresh decline from the $0.98 resistance against the US dollar.
The price is trading below $0.80 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.788 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
The pair could continue to decline if it stays below the $0.800 resistance zone.

Polygon Price Takes Hit

After a decent increase, Polygon’s price struggled to clear the $1.00 resistance. MATIC formed a high near $0.9829 and recently started a steady decline, underperforming Bitcoin and Ethereum.

There was a drop below the $0.920 and $0.850 support levels. The bears even pushed the price below the $0.820 support and the 100 simple moving average (4 hours). Finally, it tested the $0.728 support. A low has formed near $0728 and the price is now consolidating losses.

MATIC is trading below $0.80 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.788 on the 4-hour chart of the MATIC/USD pair.

Immediate resistance is near the $0.785 level or the trend line. It is near the 23.6% Fib retracement level of the recent decline from the $0.9829 swing high to the $0.7285 low. The first major resistance is near the $0.800 level. If there is an upside break above the $0.800 resistance level, the price could continue to rise.

Source: MATICUSD on TradingView.com

The next major resistance is near $0.855 or the 50% Fib retracement level of the recent decline from the $0.9829 swing high to the $0.7285 low. A clear move above the $0.855 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.920 level or $0.950.

More Losses in MATIC?

If MATIC’s price fails to rise above the $0.800 resistance level, it could continue to move down. Immediate support on the downside is near the $0.7285 level.

The main support is near the $0.700 level. A downside break below the $0.700 level could open the doors for a fresh decline toward $0.650. The next major support is near the $0.618 level.

Technical Indicators

4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now below the 50 level.

Major Support Levels – $0.728 and $0.700.

Major Resistance Levels – $0.785, $0.800, and $0.855.

Ethereum price declined sharply alongside Bitcoin. ETH traded below $2,000, but it is still holding the key support at $1,920 and might attempt a fresh increase.

Ethereum struggled to clear the $2,070 resistance and corrected lower.
The price is trading below $2,000 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $1,990 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $2,000 hurdle.

Ethereum Price Eyes Fresh Increase

Ethereum price failed to clear the $2,070 resistance and reacted to the downside. ETH declined below the $2,000 support zone after reports of Binance’s settlement, like Bitcoin.

The bears even pushed the price below the $1,950 support zone and the 100-hourly Simple Moving Average. However, Ether stayed above the $1,920 support zone. A low was formed near $1,930 and the price is now attempting a fresh increase.

Ethereum broke the 23.6% Fib retracement level of the recent decline from the $2,068 swing high to the $1,930 level. However, it is still below $2,000 and the 100-hourly Simple Moving Average.

On the upside, the price is facing resistance near the $1,990 zone. There is also a key bearish trend line forming with resistance near $1,990 on the hourly chart of ETH/USD. The first key resistance is near the $2,000 level or the 50% Fib retracement level of the recent decline from the $2,068 swing high to the $1,930 level.

Source: ETHUSD on TradingView.com

A clear move above the $2,000 level could spark bullish moves. The next resistance is near $2,070, above which the price could aim for a move toward the $2,120 level. Any more gains could start a wave toward the $2,200 level.

More Losses in ETH?

If Ethereum fails to clear the $2,000 resistance, it could start a fresh decline. Initial support on the downside is near the $1,950 level.

The next key support is $1,930 or $1,920. The main support is still near $1,905. A downside break below the $1,905 support might trigger more losses. In the stated case, Ether could drop toward the $1,820 support zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now near the 50 level.

Major Support Level – $1,930

Major Resistance Level – $2,000

Bitcoin price declined over 4% and traded below the $36,500 support. BTC is still holding the key $35,650 support zone and dips might attract buyers.

Bitcoin started a fresh decline after reports of Binance’s settlement and CZ stepping down.
The price is trading below $37,000 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support near $36,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could struggle in the short term, but dips might be attractive to the bulls.

Bitcoin Price Takes Hit

Bitcoin price failed to continue higher above the $37,800 resistance zone. BTC formed a short-term top and started a fresh decline after reports of Binance’s settlement and CZ stepping down.

There was a sharp decline below the $37,000 level. There was a break below a key bullish trend line with support near $36,980 on the hourly chart of the BTC/USD pair. The pair even broke the $36,500 support zone. Finally, it spiked below the $36,000 level.

A low is formed near $35,645 and the price is now consolidating losses. It recovered above the 23.6% Fib retracement level of the downward move from the $37,777 swing high to the $35,645 low.

Bitcoin is now trading below $37,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $36,500 level. The main resistance is now forming near the $36,700 level or the 50% Fib retracement level of the downward move from the $37,777 swing high to the $35,645 low.

Source: BTCUSD on TradingView.com

A close above the $36,700 resistance might start a decent increase. The next key resistance could be near $37,000. A clear move above the $37,000 resistance could send the price further higher toward the $37,500 level. In the stated case, it could even test the $37,800 resistance.

More Losses In BTC?

If Bitcoin fails to rise above the $36,700 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $36,000 level.

The next major support is $35,650. If there is a move below $35,650, there is a risk of more downsides. In the stated case, the price could drop toward the $34,700 support in the near term. The next key support or target could be $34,200.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $36,000, followed by $35,650.

Major Resistance Levels – $36,500, $36,700, and $37,000.

Binance Coin (BNB), the native token of the Binance cryptocurrency exchange, has experienced a sharp decline of 10% following reports that Binance is preparing to settle criminal charges with the US Department of Justice (DOJ) through a $4.3 billion fine. 

Binance CEO To Plead Guilty

The Wall Street Journal has disclosed that Binance CEO Changpeng Zhao (CZ), commonly known as CZ, will plead guilty to violating criminal anti-money laundering requirements. 

Concurrently, Binance will also plead guilty to a criminal charge related to anti-money laundering violations, resulting in a significant fine. Furthermore, CZ is expected to step down as CEO, with Richard Teng being considered as a potential successor.

Changpeng Zhao is scheduled to appear before a federal court in Seattle to enter his guilty plea. This crucial legal step can further impact BNB’s price action as investors assess the implications of CZ’s admission of guilt regarding violating anti-money laundering requirements. 

The reported settlement involves Binance pleading guilty to a criminal charge related to anti-money laundering violations, leading to a hefty $4.3 billion fine. This substantial sum encompasses payments to settle civil allegations made by regulators. 

These developments occur in an increasingly stringent regulatory environment in the cryptocurrency industry. The recent charges brought by the SEC against Kraken further highlight the regulatory scrutiny faced by industry players. 

Additionally, market participants anticipate significant enforcement actions by the DOJ, which adds to the atmosphere of uncertainty and apprehension.

Will CZ’s Statement Halt BNB Downtrend? 

Despite the shocking revelation surrounding Binance’s leadership and its impact on the crypto community, there may still be hopes for a potential recovery of Binance Coin and the overall crypto market as the case reaches its conclusion.

With CZ reaching a settlement with the US Department of Justice (DOJ) and pleading guilty to criminal charges, the exchange can breathe a sigh of relief, knowing that regulatory agencies have addressed their concerns and potential legal action.

Furthermore, this settlement could be seen as a victory for regulators, particularly in light of the ongoing legal battles between the US Securities and Exchange Commission (SEC) and Ripple Labs, which involve the cryptocurrency XRP. 

A favorable outcome in these cases could potentially boost confidence in the broader crypto industry and drive prices higher.

Currently, BNB is trading at $240, showing signs of recovery from its recent drop, which briefly touched $235 but managed to stay above the critical support level of $232. 

In further declines, BNB bulls will need to hold the support levels at $228, $217, and $214 to prevent the token from dropping below the critical level of $200.

However, suppose Changpeng Zhao and the new Binance CEO can provide a statement that reassures the community and instills a sense of calm. In that case, it may bring a renewed positive sentiment and potentially halt the current downtrend for BNB.

The unfolding of the situation, the next steps for the exchange, and CZ’s fate remain to be seen. The community and market participants eagerly await further developments and announcements shaping the future of Binance and its native token, BNB.

Featured image from Shutterstock, chart from TradingView.com 

Decentralized finance (DeFi) activity on Ethereum is picking up momentum based mainly on how gas fees have been trending in the first three weeks of November, data from Kaiko shows. Even so, despite Uniswap (UNI) spearheading the revival, looking at the gas attributed to its activities over this period, UNI prices remain stagnant below $5.6, with bulls failing to edge higher, breaking to new 2023 highs.

Ethereum Gas Fees Rising, DeFi Revival?

According to Kaiko, a blockchain analytics platform, the average gas fees on Ethereum hit multi-month highs last week. The platform expressly notes that the primary driver has been Uniswap’s activities, reading from the rising transaction volumes from meme coins, including GROK. This, in turn, pushed block space demand higher, increasing gas fees.

Gas fees remain volatile but generally higher in the first three weeks of November. As of November 20, Ycharts data shows that the average cost of sending a transaction stood at 45.13 Gwei, nearly 100% from November 19, when it was at 24.84 Gwei. This is a significant jump from 17.66 Gwei in late October 2023.

Gas fees and how ETH and DeFi token prices react are directly correlated as DeFi and other on-chain activities like non-fungible token (NFT) minting and trading rise; gas fees usually expand in trending markets.

Accordingly, the recent expansion in gas fees could suggest that the markets could be preparing for a leg up, and tokens of critical protocols, including Uniswap or Aave, could benefit.

DeFi TVL Rising, But Uniswap Is Stuck Below $5.6

As of writing, the total value locked (TVL) across all DeFi protocols stands at over $46.6 billion as of November 21, according to DeFiLlama. This increase is nearly $5 billion more than in early November and up from $37 billion in mid-October. 

Ethereum remains a choice platform for deploying DeFi apps despite the relatively gas fees pinned to mainnet scaling challenges. The pioneer smart contract blockchain manages $25.4 billion in TVL, whereas Uniswap is one of the largest protocols with $3.216 billion in TVL.

UNI prices are up 30% from mid-October when writing on November 21. However, bulls have been unable to break above the November highs at around $5.6. From the daily chart, trading volume, and thus participation, has been tapering even though prices have been edging higher. 

This formation suggests that the uptrend was behind low momentum and sustainability. Technically, there could be more gains if there is a solid close above November highs with expanding volumes. In that case, UNI could expand, retesting 2023 highs of around $7.2.

The crypto rumor mills have been abuzz lately with talk of JPMorgan, a US megabank, secretly buying XRP tokens. This rumor has gained ground and in the course of its spread, has garnered the attention of the crypto community as they dissect it.

JPMorgan Reportedly Buys 7.5 Million XRP

The first reports of this rumor emerged after a news report citing a leaked report, claimed that the investment giant had actually bought 7.5 million XRP tokens. This rumor quickly made its way to social media where users on platforms such as X (formerly Twitter) have spread it widely.

One of the most prominent reposts of the article includes that of Amelie, a German influencer with over 27,000 followers on X. As the rumors gain more popularity, it has also come under scrutiny due to its lack of evidence and the fact that the numbers do not add up.

JUST IN:

BLACKROCK AND JPMORGAN PURCHASED OVER 7.5 MILLION #XRP https://t.co/dmQajvjhuk

— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) November 19, 2023

For example, one X user points out that the article says that the 7.5 million XRP reportedly bought by JPMorgan makes up 7.5% of its portfolio. However, this would mean that JPMorgan’s total portfolio would have to be worth $6.2 billion as opposed to its actual $440 billion value.

Ludicrous. Look at this quote.

“The leaked report, allegedly from an anonymous insider w/in JPM, reveals a significant revelation—the banking giant has quietly amassed over 7.5 M XRP, representing >7.5% of its total wealth.”

JPM is only worth $6.2B? It’s market cap is $440B

— AgentSmith (@AgentSmithV3) November 19, 2023

There have also not been any official statements from JPMorgan about buying XRP or actually holding any cryptocurrency in their portfolio. Interestingly, JPMorgan actually launched its own JPM Coin which will reportedly be used to carry out $10 billion in daily transactions.

Adding BlackRock To The Debate

The rumors have also included BlackRock showing an interest in XRP but so far, there has been no indication that this is the case. The only time that BlackRock has been heavily mentioned around XRP communities is when a fake filing of a BlackRock XRP ETF showed up on the Delaware Corporation website.

This fake filing has since been taken down and the Delaware authorities have reportedly begun their investigations to figure out the party or parties that were behind the fake filing.

XRP influencer CryptoInsightUK also took to X (formerly Twitter) to debunk the rumors of BlackRock buying the token. He referred to it as a “stupid rumor” and that it is untrue, advising investors to not be distracted by the “noise.”

Just FYI $XRP fam, there is a stupid rumour that Blackrock has bought 7.5 million $XRP.

This is untrue.

Focus up, things will get going again soon, don’t get dissuaded by noise.

— Cryptoinsightuk (@Cryptoinsightuk) November 20, 2023

Although JPMorgan and BlackRock are not going in on XRP, banks all around the world are reportedly trying to tap into the potential. A new report from the Basel Committee on Banking Supervision (BCBS) revealed that the token currently ranks third in the list of digital assets held by global banks. XRP reportedly makes up 2% of the 9.4 billion euros that these banks have invested in digital assets, meaning they hold around 188 million euros worth of XRP.