The crypto rumor mills have been buzzing lately with rumors about JPMorgan, an American megabank, secretly buying XRP tokens. This rumor has gained traction and as it spread, it has caught the attention of the crypto community as they parse it.
JPMorgan is reportedly buying 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 purchased 7.5 million XRP tokens. This rumor quickly made its way to social media, where users on platforms like X (formerly Twitter) spread it widely.
One of the most prominent reposts of the article is from Amelie, a German influencer with over 27,000 followers on do that. don’t add up.
🚨 JUST ARRIVED:
BLACKROCK AND JPMORGAN BUY MORE THAN 7.5 MILLION #XRP https://t.co/dmQajvjhuk
— 𝓐𝓶𝓮𝓵𝓲𝓮 🍭 (@_Crypto_Barbie) November 19, 2023
For example, one However, this would mean that JPMorgan’s total portfolio should be worth $6.2 billion, as opposed to its actual value of $440 billion.
Ridiculous. Look at this quote.
“The leaked report, reportedly from an anonymous insider with JPM, reveals a major revelation: the banking giant has quietly amassed more than 7.5 million XRP, representing more than 7.5% of its total wealth.”
JPM is 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 about buying XRP or actually holding cryptocurrency in their portfolio. Interestingly, JPMorgan has actually launched its own JPM Coin, which will reportedly be used to conduct $10 billion in daily transactions.
Token price drops to $0.61 | Source: XRPUSD on Tradingview.com
Adding BlackRock to the debate
There are also rumors that BlackRock is showing interest in XRP, but so far there is no indication that this is the case. The only time BlackRock has received much attention in the XRP community is when a fake filing for a BlackRock XRP ETF surfaced on the Delaware Corporation website.
This false report has since been removed and Delaware authorities have reportedly begun their investigation to identify the party or parties behind the false report.
XRP influencer CryptoInsightUK also turned to X (formerly Twitter) to debunk rumors that BlackRock would buy the token. He called it a “stupid rumor” and that it is not true, and advised investors not to be distracted by the “noise.”
Just for information $XRP fam, there’s a stupid rumor going around that Blackrock bought 7.5 million $XRP.
This is not true.
Concentrate hard, things will get going again soon, don’t be put off by noise. 🫡
— Cryptoinsightuk (@Cryptoinsightuk) November 20, 2023
While JPMorgan and BlackRock aren’t getting into XRP, banks around the world are trying to tap into its potential. A new report of 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 these banks have invested in digital assets, meaning they hold around €188 million worth of XRP.