“XRP Is The ‘Biggest Scam’ In Crypto” – Says Analyst; Find Out Why
Crypto analyst Max Prime recently branded XRP as the “biggest scam” in the crypto world, following its lackluster performance despite major developments. His criticism stems from XRP’s failure to maintain gains after Ripple’s legal victory, where a $125 million fine replaced the $2 billion sought by the SEC.
While XRP initially surged, the rally quickly faded, falling over 14% within days. Prime’s analysis highlights concerns about XRP’s inability to capitalize on significant milestones, fueling debate about the cryptocurrency’s future.
Prime’s criticism reflects the ongoing frustrations in the crypto community over XRP’s repeated failure to capitalize on major opportunities. His criticism focuses on XRP’s weak performance following Ripple’s significant legal milestone on August 7.
Judge Analisa Torres approved a reduced fine of $125 million against Ripple, which was much lower than the SEC’s original demand of $2 billion for alleged federal law violations. Despite this legal victory, XRP’s price surge was short-lived, underscoring concerns about the cryptocurrency’s ability to maintain momentum.
The court’s decision was widely hailed as a triumph for Ripple, leading many to anticipate a significant boost in XRP’s value. Initially, XRP’s price jumped from $0.49 to $0.64, a 30% increase in just one day. However, this surge was short-term.
By the end of August 7, XRP’s price dropped to $0.6008, and within four days, it went down further to $0.5475, marking a notable 14.66% decline from the post-lawsuit peak.
Prime contends that this rapid drop following what was considered a major legal win highlights XRP’s struggle to maintain gains despite what should have been a growth catalyst. He argues that this performance reflects underlying issues within the cryptocurrency, leading him to label XRP as a scam.
Furthermore, this ongoing debate underscores broader market uncertainties, with XRP’s future remaining uncertain as it navigates post-lawsuit challenges and strives to maintain investor confidence.
