Cryptocurrency rumors have been abuzz lately with rumors that JPMorgan, an American megabank, is secretly purchasing XRP tokens. This rumor has gained traction and, in the course of its spread, has caught the attention of the crypto community as they analyze 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 investing giant had actually purchased 7.5 million XRP tokens. This rumor quickly reached social networks where users of platforms such as X (formerly Twitter) have spread it widely.
One of the most notable posts in the article includes that of Amelie, a German influencer with over 27,000 followers on X. As the rumors gain more popularity, they have also come under scrutiny due to their lack of evidence and the fact that The figures don’t do it. do not add
🚨 ONLY IN:
BLACKROCK AND JPMORGAN BOUGHT MORE THAN 7.5 MILLION #XRP
— 𝓐𝓶𝓮𝓵𝓲𝓮 🍭 (@_Crypto_Barbie) November 19, 2023
For example, one X user points out that the article says that the 7.5 million XRP supposedly purchased by JPMorgan represents 7.5% of its portfolio. However, this would mean that JPMorgan’s total portfolio would have to be worth $6.2 billion, compared to its actual value of $440 billion.
Ridiculous. Look at this quote.
“The leaked report, purportedly from an anonymous JPM source, reveals a significant revelation: the banking giant has quietly accumulated over 7.5 million XRP, representing >7.5% of its total wealth.”
Is JPM only worth $6.2 billion? Its market capitalization is $440 billion.
– AgentSmith (@AgentSmithV3) November 19, 2023
There have also been no official statements from JPMorgan regarding the purchase of XRP or the holding of any cryptocurrency in its portfolio. Interestingly, JPMorgan launched its own JPM Coin which will reportedly be used to conduct $10 billion worth of daily transactions.
Token price drops to $0.61 | Source: XRPUSD on Tradingview.com
Adding BlackRock to the debate
Rumors also include BlackRock showing interest in XRP, but so far there has been no indication that this is the case. The only time BlackRock has been mentioned much in the XRP communities is when a fake presentation of a BlackRock XRP ETF appeared on the Delaware Corporation website.
This false filing has since been removed and Delaware authorities have reportedly begun their investigations to uncover the party or parties that were behind the false filing.
XRP influencer CryptoInsightUK also took to X (formerly Twitter) to debunk rumors that BlackRock bought the token. He referred to it as a “stupid rumor” and not true, and advised investors not to be distracted by the “noise.”
That’s not true.
Focus, everything will work again soon, don’t be deterred by the noise.
— Criptoinsightuk (@Cryptoinsightuk) November 20, 2023
Although JPMorgan and BlackRock are not going to participate in XRP, banks around the world are reportedly trying to take advantage of the potential. A new report from the Basel Committee on Banking Supervision (BCBS) revealed that the token currently ranks third on the list of digital assets held by global banks. XRP reportedly represents 2% of the €9.4 billion these banks have invested in digital assets, meaning they own around €188 million worth of XRP.