The XRP ($2.02) ecosystem has recently experienced a surge of positive activity, drawing attention to its ongoing developments. However, with this excitement comes the spread of misinformation. One such example involves a viral document claiming that Saudi Aramco, the world’s largest oil producer, is working with White Network to tokenize oil using the XRP Ledger. This sensational report quickly gained traction, but upon closer inspection, it became clear that the claim was fraudulent and had no basis in reality.

A Fake Document with Flawed Details

The false report surfaced in the form of a document that appeared to confirm Saudi Aramco’s involvement in the project. It claimed that the company was collaborating with White Network to tokenize oil on the XRP Ledger. The document also featured the signature of a Saudi official, supposedly lending credibility to the partnership.

However, upon further scrutiny, several issues with the document became apparent. First, the name listed on the document, “Sheikh Abdullah bin Khalid Al-Falih,” did not match any known Saudi official. The closest match to this name is Khalid bin Abdulaziz Al-Falih, Saudi Arabia’s Minister of Investment and former Minister of Energy. However, the discrepancies between the names cast doubt on the legitimacy of the document.

What truly gave the forgery away, though, was the signature. The name “Sheikh Abdullah bin Khalid Al-Falih” was signed by someone who was quickly identified as Mahtab Keramati, an Iranian actress with no connection to Saudi Arabia or any official government role. This exposed the document as a clear fabrication, further discrediting the entire claim.

Saudi Aramco Denies Involvement in Blockchain or Oil Tokenization

As the news spread, both Saudi Aramco and WhiteRock failed to confirm any involvement in the alleged project. Saudi Aramco, one of the largest energy companies in the world, has not made any official statements indicating that it is exploring blockchain or tokenizing oil. The company continues to focus on its core areas of operation, such as bond sales, international energy deals, and maintaining its dominant position in the global energy market.

While it is true that Saudi Aramco entered a partnership with Japan’s SBI Group in 2023 to explore digital asset investments, this collaboration had no relation to the XRP Ledger or oil tokenization. The partnership centered on digital asset exploration, but it did not involve XRP or the tokenization of oil.

WhiteRock, the platform referenced in the document, is indeed active on the XRP Ledger but has not made any announcements about tokenizing oil. WhiteRock’s focus remains on tokenizing securities, such as stocks and bonds, rather than commodities like oil. In March 2025, WhiteRock launched its platform on the XRP Ledger mainnet, offering institutions the ability to trade tokenized securities. The platform currently manages over $71 million in assets and can settle trades in seconds, but none of this is related to oil or any Saudi involvement.

The XRP Ecosystem Continues to Grow Despite Misinformation

Although the false report surrounding Saudi Aramco and oil tokenization has been debunked, the XRP ecosystem has experienced real and impressive growth in recent months. The Dubai Land Department recently chose the XRP Ledger for its real estate tokenization project, signaling confidence in the network’s potential for real-world applications.

Additionally, Nasdaq-listed VivoPower raised $121 million in a private deal, backed by Saudi Prince Abdulaziz bin Turki Al Saud, to create an XRP reserve. Similarly, Chinese AI mobility company Webus announced plans to raise $300 million for an XRP reserve. These developments are part of a broader trend where companies recognize the utility of the XRP Ledger for their digital asset and blockchain projects.

Despite these significant milestones, XRP’s price has yet to reflect the growing momentum behind the project. The fundamental developments within the XRP ecosystem, including partnerships and real-world use cases, have not yet led to substantial market gains. Investors and stakeholders remain optimistic, waiting for the price to align with the increasing activity and adoption within the XRP ecosystem.

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Conclusion: Separating Fact from Fiction in the XRP Ecosystem

The false report about Saudi Aramco’s involvement in XRP Ledger-based oil tokenization serves as a reminder of how misinformation can spread in the cryptocurrency space. While the claim has been thoroughly debunked, the positive developments within the XRP ecosystem continue to build momentum. As projects like real estate tokenization and digital asset reserves gain traction, the XRP Ledger’s role in facilitating decentralized finance and tokenization remains strong.

Despite the challenges and the spread of misleading information, the future looks promising for XRP. The ecosystem’s growth, coupled with its real-world use cases, suggests that the project is well-positioned for continued success. While the price may not have surged yet, the increasing number of partnerships and applications could eventually lead to broader market recognition and adoption.

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