XRP News: XRP is “Crypto’s Biggest Scam” — Says Crypto Pundit

LUCKNOW (CoinChapter.com) — Outspoken crypto pundit Max Prime has launched a scathing attack on XRP, labeling it “crypto’s biggest scam.” Prime made a post on the social media platform X where he mocked XRP for not showing any positive signs even after winning the case against SEC.

Ripple, the company behind XRP, recently concluded a lengthy litigation process with the SEC. The SEC had filed a lawsuit against Ripple in 2020. The regulatory body had accused Ripple Labs of violating federal securities laws, seeking a hefty $2 billion penalty. However, Judge Analisa Torres ruled in favor of Ripple, imposing a significantly lower fine of $125 million.

Despite this apparent victory, XRP’s market performance has been lackluster. After an initial 30% rally following the ruling, the cryptocurrency quickly shed nearly 15% of its gains, closing at $0.5475 on August 11th. This unexpected downturn has fueled skepticism among some crypto enthusiasts, including Max Prime.

XRP is currently trading at $0.56620, showing a slight decline of 0.08% over the past day.

with a 24-hour trading volume of $593 million, token’s market cap currently stands at $32.05 billion.

Community Argues Over Ripple’s Native Token

Max Prime’s criticism has not gone unchallenged. Many XRP supporters have come to the defense of the cryptocurrency, citing the ongoing legal complexities and the potential for future growth. One user, known as XRP ADDICT 2021, dismissed Prime’s comments, suggesting that “a little knowledge is a dangerous thing.”

Others in the community have taken a more measured approach, reminding critics that the SEC may still appeal the decision, which could impact XRP’s future trajectory. Stuart Alderoty, Ripple’s Chief Legal Officer, has expressed confidence in the company’s legal standing, noting that appellate courts typically reverse lower court decisions less than 10% of the time.