• 30 May, 2024
News

XRP Market Under Siege As Garlinghouse Warns of Rising Scam Threat

Ripple CEO Brad Garlinghouse recently addressed a concerning trend in cryptocurrency: the surge of sophisticated scams targeting XRP users. In a video shared on Ripple’s official X account, Garlinghouse emphasized the necessity for caution, asserting that Ripple would never solicit XRP from its users. Scammers, he warned, are employing increasingly intricate tactics, masquerading as key figures within Ripple, including himself.

These fraudulent schemes often promise giveaways or doubling programs, preying on the trust of unsuspecting victims. Garlinghouse illustrated the severity of the issue by showcasing a demo where scammers meticulously mimic Ripple’s personnel, exploiting both appearance and voice to deceive individuals. The prevalence of such scams is alarming, with fake Ripple YouTube channels gaining substantial followings, far surpassing the official channel’s subscribers.

One disturbing development involves a counterfeit Ripple YouTube account boasting 768,000 subscribers, dwarfing the genuine channel’s 54,700 subscribers. This fake account has been at the forefront of spreading fraudulent activities, hosting live streams purporting to be Ripple-sponsored events. In one instance, a live stream ran for over 12 hours, attracting over 30,000 viewers, all unsuspecting victims of the elaborate ruse.

What sets this scam apart is using advanced AI technology to create looped video and audio broadcasts, effectively simulating legitimate events. This deceptive tactic has ensnared countless viewers, highlighting the urgent need for heightened awareness and vigilance within the cryptocurrency community.

XRP/USD 1-Day price chart, Source: TradingView

The XRP market continues to fluctuate despite these scams. According to the latest data, the price of XRP stands at $0.515663, and its 24-hour trading volume is $921,372,770. The current market trend indicates a 1.57% decrease in the last 24 hours. 

Despite this dip, indicators such as the stochastic RSI and MACD suggest the potential for bullish movement in the near future. The stochastic RSI, standing at 62.67, hints at a neutral zone, while the MACD trading above the signal line signifies positive momentum building for XRP. Additionally, the ADX reading of 22.04 suggests some strength in the current trend, although insufficient to confirm a strong trend direction.

Terraform Labs Adjusts Services Amid Pending SEC Legal Challenges Read Previous

Terraform Labs Adjusts Services Amid Pending SEC Legal Challenges

How Crypto Traders Should Avoid Panic Selling Read Next

How Crypto Traders Should Avoid Panic Selling