Widely followed crypto pundit “Max Prime” has boldly asserted that XRP is the greatest scam in the crypto scene, citing its failure to ascend in the face of crucial events.
The commentator shared this opinion in a recent post on X. He criticized XRP’s price movements following significant events that should have bolstered its much-anticipated rise but did not.
XRP Unexpected Performance After Ripple Lawsuit Victory
Max Prime first pointed to the conclusion of the multi-year lawsuit that had threatened the existence of both XRP and Ripple. Despite the lawsuit’s resolution, XRP’s price failed to reflect the significance of the development.
On August 7, Judge Analisa Torres approved a fine of just $125 million for Ripple, a mere 6.25% of the $2 billion the SEC sought for the company’s violation of federal laws. Ripple’s executives celebrated the judgment as a major victory for the company and a loss for the SEC.
This final ruling in the court case, which began in 2020, initially triggered a rally in XRP’s price. The asset surged to $0.64 from a daily low of $0.49, marking a 30% growth in one day, even as the broader crypto market remained bearish.
However, XRP closed trading on August 7 by retracing to $0.6008. By the fourth day after the lawsuit victory, XRP had dropped to $0.5475, representing a notable decline of 14.66% from the post-lawsuit high of $0.64.
“XRP is the Biggest Scam in Crypto”
Critics like Max Prime have highlighted XRP’s disappointing performance, especially after proponents had long argued that XRP would begin its moon rally once Ripple won the lawsuit. Instead, XRP only experienced a brief pump and subsequent dump.
XRP has been underperforming for years, with many attributing this to the ongoing lawsuit. For instance, the last time XRP was seen at $1 was three years ago, in 2021. The asset hasn’t reached a new all-time high since 2018, nearly seven years ago.
With the lawsuit’s resolution failing to propel XRP as many had hoped, Max Prime has labeled XRP as the biggest scam in crypto.
More recently, Ripple signed a new partnership to promote using the XRP Ledger in the Web3 sector, teaming up with the SBI Digital Community earlier this week. However, news of this latest development did not significantly impact XRP’s price.
Some are now questioning what, if anything, could drive XRP’s value higher if these critical events failed to do so.
Even prominent members of the XRP community, like Mr. Huber, have noted the asset’s underwhelming performance and have made sarcastic remarks trolling overly ambitious enthusiasts.
You came for the thrill and the hope, but stayed for despair and the grope! #XRP
— Mr. Huber🔥🦅🔥 (@Leerzeit) August 15, 2024
Nonetheless, XRP’s disappointing performance has not deterred the ambitions of many who still expect XRP to rally by 22,000% to $125 based on its utility.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
