in Crypto

Cryptocurrency Expert Slams XRP, Calling It ‘The Biggest Scam in Cryptocurrency’

Many might argue that XRP has finally freed from the shadow cast by the SEC-Ripple lawsuit, but the cryptocurrency’s price can’t seem to catch a break. The legal battle that has loomed over XRP for years has finally reached a turning point with Ripple recent court sanctionDespite this, XRP’s price continues to face challenges and has not gained the momentum that many had hoped for following the resolution of the lawsuit.

Recently, a cryptocurrency market commentator with a decent following on the social media platform X called XRP the biggest scam in the cryptocurrency industry. The reason for this statement? XRP’s failure to break out of a price rally following Ripple’s recent court settlement.

Crypto Expert Says XRP Is Biggest Scam in Cryptocurrency Industry

According to a social media post by “Max Prime,” XRP is the biggest scam in the cryptocurrency world. Max highlighted the recent conclusion of the SEC-Ripple lawsuit. The lawsuit, which had been a major point of contention in the cryptocurrency community, ended with Ripple ordered to pay $125 million in fines for improperly selling its XRP tokens to institutional investors. This was seen primarily as a victory for Ripple and the XRP community, as the fine was far less than the $2 billion sought by the SEC.

XRP market cap currently at $31.8 billion. Chart: TradingView.com

Despite the favorable outcome of the lawsuit, XRP’s price has struggled to maintain significant upward momentum. Initially, news of the case triggered a short wave in the value of XRP, with the price jumping 26% in a matter of hours. Unfortunately, this rally was short-lived. The price quickly reversed its gains and has since remained below the $0.60 mark. As such, Max Prime has taken a dig at XRP enthusiasts who have I’ve waited so long for an XRP rally.

“THESE XRP CLOWNS SAID IT’S TO THE MOON AFTER THE LAWSUIT AND THEY GOT NOTHING HAHAHAHA SUCKERS,” he said he said.

What will be the future of XRP?

While this lack of sustained growth has led to frustration and disappointment among many XRP enthusiasts, many of them would disagree with Max’s criticisms. XRP, which has built a substantial following over the years, is supported by a passionate community of cryptocurrency analysts and enthusiastsDespite the dedication of its supporters, XRP has been the target of criticism and negativity from other market participants since late 2020.

It is important to note that the current lackluster price performance is the result of current consolidation of the broader market. The entire market is currently facing price corrections and most cryptocurrencies have been trading in a range for the past seven days. Considering that this is not a new case for XRP, it would not make much sense to label XRP as a scam or a failure. The crypto still has a lot to do when the bull market resumes.

At the time of writing, XRP was trading at $0.5666.

Featured image from FX Empire, chart from TradingView

Written by Anika Begay

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