Stacking up: What's causing WhiteRock's surge?
WhiteRock (WHITE) experienced a significant price surge on unconfirmed rumors of a potential partnership with one of Saudi Arabia's largest oil producers, although no official confirmations have been made.
On May 30th, the WHITE token peaked at $0.00138, marking an 116% increase, but later dipped to $0.00104 due to sell orders. The token's market value reached a staggering $780 million, with its trading volume skyrocketing by 500% to approximately $10 million.
Since hitting a low in March, WHITE's value has soared by over 280%. The significant rally was also fueled by an increase in open positions in derivative markets, with interest surging by 240% to reach an all-time high of $998,000, indicating increased enthusiasm from long-term investors.
The surge in WhiteRock's value is thought to be largely due to a viral rumor circulating on social media platform X, claiming a partnership with Ripple and the Saudi oil giant Aramco for oil tokenization. However, neither Ripple, WhiteRock, nor Aramco have issued any statements confirming the claims.
The document supposedly detailing the agreement was met with skepticism, as no official records could be found for the named individual, "Sheikh Abdullah bin Khalid Al-Falih." Moreover, the signature bore a striking resemblance to that of Iranian actress Mahtab Keramati, casting doubt on the claim's authenticity.
As of now, Aramco has made no announcements regarding blockchain-based oil tokenization. The company's 2023 partnership with SBI Holdings was focused solely on digital asset investments and did not involve XRP or oil tokenization.
WhiteRock, launched on the XRP Ledger in March 2025, operates in the tokenized asset trading sector for corporate investors, but there is no mention of energy sector or oil assets in the company's records. With no official statements and the uncertainty surrounding the rumors, it is uncertain whether WHITE's rise isbased on speculation.
In the short term, price movements are largely speculative, and a decrease in hype could lead to a pullback.
- Despite the crypt industry's uncertainty surrounding the rumors, the financial market value of WHITE token surged by over 280%, reaching an impressive $780 million, with the trading volume increasing by 500%.
- In the crypt energy sector, WhiteRock, launched on the XRP Ledger, operates in the tokenized asset trading sector for corporate investors, but there's no mention of energy sector or oil assets in the company's records.
