Market analyst Ryker has called out XRP as the biggest crypto scam. The analyst alluded to the token’s inflation and how it is currently trading at a high valuation despite supposedly lacking any real utility.
Analyst Calls Out XRP As Scam Crypto Project
In an X post, Ryker again warned that XRP is the biggest scam he has seen in the crypto market. He described the altcoin that has “absolutely nothing” but just a market cap of around $83 billion and is still subject to inflation. The analyst did not further elaborate on this inflation but suggested it was due to Ripple’s escrow holdings, which are released monthly.
Ryker further called out the “XRP team,” indicating that they have inflated the token’s price because of their years of experience in the crypto market and connections with large market whales. Specifically, he alleged that a few years ago, the team hired many celebrities and media outlets to promote the token after pumping it from $0.5 to $3.
The market analyst claimed that this mainly occurred in the South Korean market and that many people have lost money due to XRP. He highlighted the “enormous” trading volume on the South Korean crypto exchange Upbit as evidence of XRP’s strong presence in the country. Ryker warned that market participants who continue to listen to these celebrities and buy into XRP will, sooner or later, lose everything.
In line with this, he advised market participants to conduct their own research before buying a crypto asset. It is worth noting that Ryker highlighted XRP’s price action while calling the crypto token a scam. Notably, the token is down over 27% year-to-date (YTD), being outperformed by other altcoins such as HYPE and ZEC.
XRP Ledger Just Saw One Of Its Largest Growth
On-chain analytics platform Santiment revealed that XRP has seen 4,300 new wallets created in the last 24 hours, representing the 4th-largest spike of the year. The platform’s network growth is among the leading signals for identifying price reversals, suggesting the token could soon rebound from its current levels.
It is worth noting that a significant part of the growth has come from the RWA adoption on the XRP Ledger. RWA.xyz data shows that the network has led in net flows over the last 30 days, with a positive flow of $1.3 billion. XRPL is well ahead of the second-placed Avalanche, which has a net flow of $500 million over this period. XRP Ledger validator Vet recently highlighted the network’s growth in the RWA sector, adding that the job is not finished and that the next focus should be distribution.
Related Reading: Why The XRP Price Can Touch $589 As It Takes On $73 Trillion Industry
At the time of writing, the XRP price is trading at around $1.37, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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