Many might argue that XRP has finally been set free from the shadow cast behind by the SEC-Ripple lawsuit, but the cryptocurrency price can’t seem to catch a break. The legal battle, which had loomed over XRP for years, finally reached a turning point with Ripple’s recent penalty in court. Despite this, the price of XRP continues to face challenges, and it has not gained the momentum that many had hoped for after the lawsuit’s resolution.
Recently, a crypto market commenter with a decent following on social media platform X has termed XRP as the biggest scam in crypto. His reason for this claim? XRP’s failure to break on a price rally after the recent Ripple settlement in court.
Crypto Pundit Says XRP Is Crypto’s Biggest Scam
According to a social media post by “Max Prime,” XRP is the biggest scam in crypto. Max pointed to the recent conclusion of the SEC-Ripple lawsuit. The lawsuit, which had been a major point of contention in the crypto community, ended with Ripple being ordered to pay $125 million in penalties for the improper sale of its XRP tokens to institutional investors. This was mostly seen as a win by Ripple and the XRP community, as the penalty was far less than the $2 billion requested by the SEC.
XRP market cap currently at $31.8 billion. Chart: TradingView.com
Despite the favorable outcome of the lawsuit, the price of XRP has struggled to maintain any significant upward momentum. Initially, the news of the case sparked a brief surge in XRP’s value, with the price jumping by 26% within just a few 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 mocked XRP enthusiasts who have waited for so long for an XRP rally.
#XRP is literally the biggest scam in crypto
THEY WIN THE LAWSUIT AGAINST THE SEC
( paid very small fine )And XRP DOESN’T MOVE
THESE XRP CLOWNS HAVE BEEN SAYING
ITS TO THE MOON AFTER LAWSUIT
AND GET NOTHINGHAHAHAHA SUCKERS pic.twitter.com/LR6sWtKtf5
— Max Prime (@MatrixPrime_) August 17, 2024
“THESE XRP CLOWNS HAVE BEEN SAYING ITS TO THE MOON AFTER LAWSUIT AND GET NOTHING HAHAHAHA SUCKERS,” he said.
What’s Next For XRP?
Although this lack of sustained growth has led to frustration and disappointment among many XRP enthusiasts, many of them would disagree with Max’s criticism. XRP, which has built a substantial following over the years, is supported by a passionate community of crypto analysts and enthusiasts. Despite the dedication of its supporters, XRP has been the subject of criticism and negativity from other market participants since late 2020.
It’s important to note that the current lackluster price action is a result of the current wider market consolidation. The entire market is currently facing price corrections, and most cryptocurrencies have traded in a range for the past seven days. Considering this isn’t a novel case for XRP, it wouldn’t really make much sense to label XRP as a scam or a failure. The crypto still has a lot to perform when the bull market kicks in again.
At the time of writing, XRP was trading at $0.5666.
Featured image from FX Empire, chart from TradingView