XRP Under Fire: Crypto Pundit Max Prime Labels It as "Crypto’s Biggest Scam"
Lucknow (CoinChapter.com) — In a recent controversy, outspoken crypto commentator Max Prime launched a harsh critique of XRP, calling it "crypto’s biggest scam." In a social media post on X (formerly Twitter), Prime mocked XRP’s failure to sustain positive momentum, even after Ripple’s victory in its high-profile lawsuit against the SEC.
Ripple’s Legal Battle and XRP’s Market Struggles
Ripple, the company behind XRP, had been entangled in a legal battle with the U.S. Securities and Exchange Commission (SEC) since 2020. The SEC accused Ripple Labs of violating federal securities laws and initially sought a $2 billion fine. However, the case concluded with Judge Analisa Torres ruling in Ripple's favor, reducing the penalty to $125 million—a far lower amount than originally anticipated.
Despite this legal win, XRP’s market performance has failed to impress. Following an initial 30% rally after the ruling, the cryptocurrency quickly lost momentum, shedding nearly 15% of its gains and closing at $0.5475 on August 11th. This downward shift has intensified skepticism from within the crypto community, including figures like Max Prime.
As of now, XRP is trading at $0.56620, showing a slight 0.08% decline in the past 24 hours. With a 24-hour trading volume of $593 million, XRP’s market capitalization currently stands at $32.05 billion.
Community Divided Over XRP’s Future
Max Prime’s criticism sparked a heated debate within the XRP community. Supporters of the token quickly rallied in its defense, arguing that legal complexities surrounding Ripple are far from over. One prominent XRP supporter, under the handle XRP ADDICT 2021, dismissed Prime’s comments, stating that “a little knowledge is a dangerous thing.”
Others within the community urged patience, highlighting the possibility of the SEC appealing the decision. Ripple’s Chief Legal Officer, Stuart Alderoty, has expressed confidence in Ripple’s position, citing statistics that show appellate courts overturn lower court rulings in fewer than 10% of cases.
As XRP faces ongoing market challenges, the debate over its long-term prospects continues to divide opinions in the crypto space. Whether XRP can recover from its recent downturn remains to be seen.
