cryptopolitan.com
Outspoken crypto pundit Max Prime has been trolling Ripple’s embattled stablecoin project. In a recent no-holds-barred X post, Max slammed XRP as the biggest scam in the cryptocurrency ecosystem. Max’s grouse with the crypto seemed fuelled by its dismal performance despite circumstances that could have propped it up.
#XRP is literally the biggest scam in crypto
— Max Prime (@MatrixPrime_) August 17, 2024
THEY WIN THE LAWSUIT AGAINST THE SEC
( paid very small fine )
And XRP DOESN'T MOVE
THESE XRP CLOWNS HAVE BEEN SAYING
ITS TO THE MOON AFTER LAWSUIT
AND GET NOTHING
HAHAHAHA SUCKERS pic.twitter.com/LR6sWtKtf5
Ripple has just concluded a winding litigation that pitted it against the SEC. In the lawsuit dating back to 2020, the regulator had accused Ripple Labs XRPs parent company of violating federal laws.
Therefore, the regulator sought a $2 billion penalty against the crypto firm. Ripple itself put up a spirited fight against that demand, conceding that it should only part with $10 million. However, presiding Judge Analisa Torres handed Ripple a $125 million fine in a ruling some say the SEC lost more.
Ripple celebrates partial victory despite fine
Judge Torres’ pronouncements had Ripple’s executives, led by the CEO Brad Carlinghouse, celebrating. Mr. Carlinghouse posted this response through his X handle:
This is a victory for Ripple, the industry, and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone.
Mr. Carlinghouse
After that judgment, XRP rallied 30% to a high of $0.6. That rally was short-lived, though, as the stablecoin went on to shed nearly 15% in the days following the ruling to close at $0.5475 on August 11th. This capitulation and supposed chest-thumping of Ripple’s executives ticked off Max, who ridiculed them as clowns.
Max isn’t the only one expressing disappointment in Ripple’s performance. His pessimism seems to have caught up with a section of the XRP faithful, too. For instance, a prominent XRP community member, Mr. Huber, also trolled the coin’s proponents for their faith in it.
XRP community responds to criticism
Reactions to these tweets were fast and equally scathing. In an apparent defense of Ripple, one X user, Melted, reminded Max that the SEC had appealed the decision. He also signed off his retort by calling Max a clown. Nevertheless, the regulator hasn’t officially stated that it will appeal the decision.
Meanwhile, XRP ADDICT 2021 mocked Max’s intelligence, replying, “A little knowledge is a dangerous thing.” However, @keywaavy was more diplomatic, reminding the controversial influencer that XRP would go to the moon in due time, just as he (Max) had predicted before.
Mr. Hubert received similar treatment, with Steve Hutcheon asking him to quit embarrassing himself. He then reminded him that the direction XRP will take going forward will depend on the outcome of the SEC’s anticipated appeal.
Hutcheon reminded Mr. Hubert of how the stablecoin had surged in 30 minutes last July. In his assessment, the coin would have maintained that trajectory but for the case’s dynamics.