Market analyst Ryker called XRP the biggest crypto scam. The analyst alluded to token inflation and how it currently trades at a high valuation despite its alleged lack of real utility.
Analyst Calls XRP a Fraudulent Crypto Project
In a MessageRyker once again warned that XRP is the biggest scam he has seen in the crypto market. He described the altcoin as having “absolutely nothing” but just a market capitalization of approximately $83 billion and remains subject to inflation. The analyst did not provide further details.borate on this inflation, but suggested it was due to Ripple’s escrow holdings, which are published monthly.
Ryker further called out “the XRP team”, stating that they had inflated the the price of the token due to their years of experience in the crypto market and their relationships with major market whales. Specifically, he alleged that a few years ago, the team hired numerous celebrities and media outlets to promote the token after raising it from $0.5 to $3.
The market analyst claimed that this happened mainly in the South Korean market and many people lost money because of XRP. He pointed to the “huge” trading volume on South Korean cryptocurrency exchange Upbit as proof of XRP’s strong presence in the country. Ryker warned that market participants who continue to listen to these celebrities and buy XRP will sooner or later lose everything.
With this in mind, he advised market participants to conduct their own research before purchasing any crypto asset. It is worth noting that Ryker highlighted the price action of XRP while calling the crypto token a scam. Notably, the token is down over 27% year-to-date (YTD), outperformed by other altcoins such as HYPE and ZEC.
XRP Ledger just experienced one of its biggest growths
On-Chain Analytics Platform The feeling revealed that XRP saw 4,300 new wallets created in the last 24 hours, representing the 4th largest spike of the year. The growth of the platform’s network is one of the main signals to identify price reversalswhich suggests that the token could soon rebound from its current levels.
It is worth noting that a significant portion of the growth comes from the adoption of RWA on the XRP ledger. RWA.xyz data shows that the network led in net flows over the past 30 days, with a positive flow of $1.3 billion. XRPL is well ahead of second-place Avalanche, which has a net flow of $500 million over this period. XRP Ledger Validator The veterinarian recently pointed out network growth in the RWA sector, adding that the work is not finished and the next priority should be distribution.
Related Reading: Why XRP Price May Reach $589 While Costing the Industry $73 Trillion
At the time of writing, the price of XRP is trading at around $1.37, down over the past 24 hours, according to data from CoinMarketCap.
Featured image of Adobe Stock, chart from Tradingview.com
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