Many may argue that XRP has finally emerged from the shadow of the SEC-Ripple lawsuit, but its price continues to struggle. The legal battle, which hung over XRP for years, reached a significant milestone with Ripple’s recent court penalty. Despite this, XRP’s price hasn’t gained the expected momentum following the lawsuit’s resolution.
Recently, a crypto commentator with a notable following on social media platform X called XRP the biggest scam in crypto. His reasoning? XRP’s failure to initiate a strong price rally after Ripple’s court settlement.
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Crypto Pundit Labels XRP as the Industry’s Biggest Scam
In a social media post by “Max Prime,” XRP was branded as the biggest scam in crypto. Max highlighted the recent conclusion of the SEC-Ripple lawsuit, where Ripple was ordered to pay $125 million in penalties for the improper sale of XRP tokens to institutional investors.
Although this penalty was far less than the $2 billion initially sought by the SEC and seen as a win by many in the XRP community, the token’s price struggled to maintain significant upward momentum.
The initial news of the case led to a brief surge in XRP’s value, with the price jumping 26% within a few hours. However, this rally was short-lived, with XRP’s price quickly reversing its gains and remaining below the $0.60 mark. Max Prime mocked XRP supporters who had long anticipated a major rally. “These XRP clowns have been saying it’s to the moon after the lawsuit and get nothing. Hahaha, suckers,” he said.
What’s Next for XRP?
Although the lack of sustained growth has frustrated many XRP enthusiasts, others would disagree with Max’s harsh criticism. XRP, supported by a dedicated community of crypto analysts and enthusiasts, has faced criticism and negativity from other market participants since late 2020.
It’s important to recognize that the current sluggish price action is part of a broader market consolidation. Most cryptocurrencies have traded within a range over the past week and this is not a unique situation for XRP. Labeling XRP as a scam or failure based on current conditions may be premature, as it still has potential to perform when the bull market returns.
At the time of writing, XRP was trading at $0.5666.
Cre: Coinbist
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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