Many believed that XRP had finally escaped the shadow of the SEC-Ripple lawsuit, but the asset’s price has yet to show any signs of recovery.
The legal battle that has engulfed XRP for years finally came to an end with the recent court ruling in favor of Ripple. Despite this, XRP’s price continues to face challenges and has yet to see the surge that many expected following the settlement.
Recently, a crypto market commentator with a large following on the X platform called XRP the biggest scam in the crypto space. He gave the reason for this statement as the XRP price failed to break out after Ripple settled its recent lawsuit in court.
Crypto expert says XRP is the biggest scam in the cryptocurrency industry
According to a social media post by “Max Prime,” XRP is the biggest scam in the crypto space. Max pointed out that the recent outcome of the SEC-Ripple lawsuit, which has been a major point of contention in the crypto community, ended with Ripple being ordered to pay a $125 million fine for improperly selling XRP tokens to institutional investors. This was seen as a victory for Ripple and the XRP community, as the fine was much less than the $2 billion the SEC was seeking.
Despite the favorable outcome of the lawsuit, XRP prices have struggled to maintain any upward momentum. Initially, news of the lawsuit sparked a brief surge in XRP, with the price rising 26% in just a few hours. Unfortunately, the rally was short-lived. Prices quickly reversed and have remained below $0.60 since then. As a result, Max Prime has taken to mocking XRP enthusiasts, claiming that they have waited too long for a XRP rally.
“THE XRP CLOWNS SAID THE PRICE WOULD SURGE AFTER THE LAWSUIT AND NOW THEY HAVEN’T GOT ANYTHING,” he said.
What is the future of XRP?
While the lack of sustained growth has left many XRP enthusiasts frustrated and discouraged, many of them would disagree with Max’s criticism.
XRP has built a significant following over the years, supported by a passionate community of analysts and crypto enthusiasts. Despite its popularity, XRP has been the subject of criticism and negativity from other market participants since late 2020.
It is important to note that the current lackluster price action is the result of consolidation in the broader market. The entire market is currently facing a correction, with most cryptocurrencies trading in ranges for the past seven days. XRP still has a lot of work to do as the market enters a new bull cycle.
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