WhiteRock surged as much as 116% on May 30 following rumours of a potential partnership with a major Saudi oil producer.
According to data from crypto.news, WhiteRock (WHITE) jumped to an intraday high of $0.00138 before pulling back to $0.00104 at the time of writing. Its market cap stood at around $780 million, while daily trading volume spiked 500% to nearly $10 million, a clear sign that the token has caught traders’ attention.
Since its March low, WHITE has now rallied more than 280%.
Adding fuel to the rally was a huge uptick in open interest, which rose 240% to a new all-time high of $998.55k, signaling growing excitement among derivative traders.
Speculation gained momentum on X after unverified claims suggested WhiteRock is partnering with Ripple to tokenize the oil supply chain of a major Saudi producer, reportedly Saudi Aramco.
While neither Ripple nor WhiteRock has confirmed the partnership, the rumour has fuelled significant market enthusiasm.
The post, shared by pseudonymous market watcher Amonyx on May 29, described it as “the biggest deal in blockchain tokenization history” and included a document detailing the partnership, supposedly signed by a Saudi official.
That post quickly gained traction, racking up over 254,000 views and pushing WHITE into trending searches on Google, a clear sign of retail FOMO kicking in.
As of press time, none of the involved parties, Ripple, WhiteRock, or Aramco, have confirmed any such deal.
Closer examination of the shared document casts further doubt. It references a “Sheikh Abdullah bin Khalid Al-Falih,” a figure with no trace in official Saudi records, and features a signature that, as revealed by a simple reverse image search, bears a close resemblance to that of Iranian actress Mahtab Keramati, raising further red flags about its authenticity.
Moreover, Saudi Aramco has made no announcements related to blockchain-based oil tokenisation. Although the firm partnered with Ripple-affiliated SBI Holdings in 2023, that collaboration focused on general digital asset investments and did not involve XRP or tokenizing oil.
WhiteRock does have ties to Ripple’s ecosystem through its March 2025 launch on the XRP Ledger, aimed at institutional tokenised asset trading. However, there have been no references to oil-linked products in its official communications.
Until verifiable confirmation emerges, the surge in WHITE appears to be sentiment-driven, with the token’s momentum heavily reliant on an unsubstantiated narrative. Without further validation, the rally may face downward pressure as the initial hype fades.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
