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
