The price of XRP, one of the leading cryptocurrencies by market cap, has plunged by 8% in mere minutes on major exchanges. 

"Wrong"

The popular altcoin surged to $2 on the Binance exchange after Walter Bloomberg, a widely followed X account that posts headlines from the Bloomberg Terminal, wrote that the White House was considering a 90-day pause on tariffs. The account cited White House economic adviser Kevin Hassett, who had an appearance on Fox News earlier this morning. 

The social media post quickly went viral and was picked up by CNBC. This instantly boosted the prices of stocks and cryptocurrencies. However, it later turned out that the headline was fake news since Hassett never said anything about the tariff pause during the actual interview.  

However, the official rapid response account of the White House clarified that the tweet was "wrong." 

XRP has since plunged to $1.85, erasing its short-lived gains.   Bitcoin, the leading cryptocurrency, has obviously sold off on the news as well, but XRP's drop was particularly severe since it experienced a strong rally on the recent news.

Earlier today, XRP plunged all the way to $1.65 amid a global market sell-off. 

According to CoinGlass data, roughly $82 million worth of XRP tokens has been liquidated over the past 24 hours. Long positions account for the vast majority of the wipeout ($62 million).