Did JPMorgan Secretly Buy 7.5 Million XRP? Here’s What We Know
November 21 2023 - 6:00PM
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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.
Related Reading: AVAX Open Interest Climbs 10.4% To $224 Million,
Is $30 Possible? 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. Token price drops to $0.61 | Source: XRPUSD on
Tradingview.com 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. Related Reading: Cardano Falling Wedge Pattern: Analyst
Predicts 100% Increase Following Breakout 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.
Follow Best Owie on X (formerly Twitter) for market insights,
updates, and the occasional funny tweet… Featured image from
InvestorsObserver, chart from TradingView.com
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