Crypto Pundit Max Prime Labels XRP 'Crypto's Biggest Scam” Despite Ripple Winning the SEC Case

Outspoken crypto pundit Max Prime has launched a scathing attack on XRP, labeling it “crypto’s biggest scam.”

Crypto pundit Max Prime has launched a scathing attack on XRP, labeling it “crypto’s biggest scam.” Prime took to social media platform X to air his grievances, poking fun at XRP for failing to show any positive price action despite emerging victorious in its legal battle against the SEC.

As a quick refresher, Ripple, the company behind XRP, recently concluded a lengthy litigation process with the SEC. The regulatory body had filed a lawsuit against Ripple in 2020, accusing it of violating federal securities laws and seeking a hefty $2 billion penalty for its alleged misconduct in the sale of XRP tokens. However, Judge Analisa Torres ruled in favor of Ripple, imposing a significantly lower fine of $125 million.

But despite this apparent victory, XRP’s market performance has been anything but stellar. After an initial 30% rally following the ruling, the cryptocurrency quickly shed nearly 15% of its gains, closing at $0.5475 on August 11th. This unexpected downturn has fueled skepticism among some crypto enthusiasts, including Max Prime.

XRP’s lackluster performance following its legal victory has surprised many in the crypto community. After a 30% rally in the wake of the SEC ruling, XRP quickly lost nearly 15% of its gains, closing at $0.5475 on August 11th. This downturn has sparked skepticism among some crypto enthusiasts, including Max Prime, who wasted no time in unleashing a scathing attack on XRP.

Prime, known for his outspoken demeanor, took to social media platform X to express his disdain for XRP, labeling it “crypto’s biggest scam.” He went on to mock the XRP community for celebrating a ‘scam coin’ victory, adding that even a blind squirrel finds a nut once in a blue moon.

Max Prime blasts XRP, labeling it ‘crypto’s biggest scam’

As you might expect, Prime’s comments quickly drew a response from the XRP community, with many coming to the defense of the cryptocurrency. Some pointed out the ongoing legal complexities and the potential for future growth, while others highlighted the broader implications of the SEC’s failed attempt to classify XRP as a security.

One user, known as XRP ADDICT 2021, dismissed Prime’s comments, suggesting that “a little knowledge is a dangerous thing.” Others in the community took a more measured approach, reminding critics that the SEC may still appeal the decision, which could impact XRP’s future trajectory.

Stuart Alderoty, Ripple’s Chief Legal Officer, has expressed confidence in the company’s legal standing, noting that appellate courts typically reverse lower court decisions less than 10% of the time. In his view, the SEC’s burden on appeal will be substantial.

Meanwhile, XRP’s legal troubles may not be entirely over. The SEC could still decide to file an appeal against the recent court ruling, which might have further implications for the cryptocurrency’s future trajectory.

Stay tuned to CoinChapter for more crypto news and updates.

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