Many might argue that XRP finally released from the shadow cast by the SEC-Ripple lawsuit, but the cryptocurrency’s price can’t seem to catch a break. The legal battle that hung over XRP for years finally reached a turning point with Ripple’s recent sentence in courtDespite this, XRP’s price continues to face challenges and has failed to gain the momentum many had hoped for following the resolution of the lawsuit.

Recently, a crypto market commentator with a sizable following on social media platform X called XRP the biggest scam in crypto. His reason for this claim? The fact that XRP failed to break through after a price surge following Ripple’s recent court settlement.

Crypto Expert Says XRP Is Biggest Crypto Scam

According to a social media post by “Max Prime,” XRP is the biggest scam in crypto. Max pointed to the recent conclusion of the SEC-Ripple lawsuit. The lawsuit, which has been a major point of contention in the crypto community, ended with Ripple ordered to pay $125 million in fines for improperly selling its XRP tokens to institutional investors. This was seen as a win by Ripple and the XRP community in particular, as the fine was much lower than the $2 billion the SEC had requested.

XRP market cap currently at $31.8 billion. Chart: TradingView.com

Despite the favorable outcome of the lawsuit, the price of XRP has struggled to maintain significant upward movement. Initially, news of the case was caused a brief revival in the value of XRP, with the price rising by 26% in a matter of hours. Unfortunately, this rally was short-lived. The price quickly reversed its gains and has since remained below $0.60. As such, Max Prime mocked XRP enthusiasts who waited so long for an XRP rally.

#XRP is literally the biggest scam in crypto

THEY WIN THE LAWSUIT AGAINST THE SEC
(very small fine paid)

And XRP IS NOT MOVING
THESE XRP CLOWNS HAVE SAID
TO THE MOON AFTER A LAWSUIT
AND GET NOTHING

HAHAHAHA PISTONS photo.twitter.com/LR6sWtKtf5

—Max Prime (@MatrixPrime_) August 17, 2024

“THESE XRP CLOWNS SPOKE IT TO THE MOON AFTER A LAWSUIT AND GOT ​​NOTHING HAHAHAHA SUCKERS,” he said said.

What is the future of XRP?

While this lack of sustained growth has led to frustration and disappointment among many XRP enthusiasts, many would disagree with Max’s criticism. XRP, which has built a significant following over the years, is backed by a passionate community of crypto analysts and enthusiastsDespite the dedication of its supporters, XRP has been the subject of criticism and negativity from other market participants since late 2020.

It is important to note that the current disappointing price movement is a result of the current broader market consolidation. The entire market is currently experiencing price corrections and most cryptocurrencies have been trading in a range for the past seven days. Since this is not a new case for XRP, it would not really make sense to label XRP as a scam or a failure. The crypto still has a lot to do when the boom starts again.

At the time of writing, XRP was trading at $0.5666.

Main image of FX Empire, chart from TradingView