Ripple's victory: XRP is not a security - a big step for clarity in the crypto industry
Ripple's victory: XRP is not a security - a big step for clarity in the crypto industry
XRP is not a security: Ripple celebrates victory and regulatory clarity in the USA
On July 13, 2023, there was a good news for the XRP cryptocurrency and the Ripple company. The New York court decided that XRP is not a security. This decision was celebrated as a great victory for Ripple and as an important step towards regulatory clarity in the USA.
ripple CEO Brad Garlinghouse, Ripple co-founder Chris Larsen and Stuart Alderoty was thanked for their leadership role and their commitment. The XRP community also received recognition for its ongoing support.
The positive effects of this judgment were felt immediately. The market price of XRP rose organically but significantly. Within a day, the XRP price rose by more than 70 % from $ 0.82. This price increase was the largest that XRP has experienced in the past 12 months.
The success of Ripple and XRP also has dark sides. With the increasing hype about cryptocurrencies, fraudsters also become active. David Schwartz, the CTO of Ripple, warned on Twitter of the rising XRP fraud. He emphasized that the court ruling does not involve airdrops, giveaways or special offers. However, fraudsters like to use good news to promote their own fraudulent machinations.
The popularity of XRP and the growing community make it easy for fraudsters to create fake ripple websites and to promote fraudulent gifts and airdrops. Your goal is to gain access to the crypto wallet of potential victims and later to empty or to skim them.
In April 2023, YouTube helped a Youtuber with 2.4 million subscribers whose channel was hacked to operate XRP fraud. After a quick reaction, the YouTuber was able to access his account again and restore the deleted videos. However, the exact method with which the hackers gained access to YouTube accounts is still unknown.
This incident clearly shows that crypto fraudsters are becoming more and more resourceful and their machinations target the growing popularity of cryptocurrencies.
It is important that users and investors are careful and critically question suspicious actions or offers. You should only rely on official channels and websites to stay informed about legitimate news and updates.
The decision of the New York court not to classify XRP as a securities is a great success for Ripple and an important step towards regulatory clarity. The positive reaction of the market shows that trust in XRP is strengthened and the future for Ripple and XRP looks promising. But caution is advised to avoid fraud and protect your own investments.