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Court's Ruling Rekindles Ripple Popularity
A recent ruling from the court in favor of Ripple Labs, which classified XRP (XRP) as non-security, has reignited the excitement around the brand. Expecting a spurt in scams following the coin's rally, Ripple's Chief Technical Officer, David Schwartz, cautioned investors.
Ripple Versus Securities And Exchange Commission Battle
The regulatory tussle between Ripple and the United States Securities and Exchange Commission that lasted for two years somewhat ended on July 13. The court, namely the United States District Court for the Southern District of New York, decided XRP token isn't a "security".
XRP Price Records Tremendous Uptick
The court ruling facilitated an immediate and dramatic rise in XRP’s market valuation. As indicated below, the XRP price surged over by 70%, elevating its value from $0.47 to $0.82 within a single day. Interestingly, this increase was XRP's largest price surge over the past year.
Cautious Against Crypto Scams
However, with increased buzz around cryptocurrencies or crypto ecosystems such as nonfungible tokens (NFTs), scam activities usually intensify. Recognizing this potential harm, Schwartz took to social media to warn investors about growing XRP scams. He expressed that due to Ripple's extensive popularity and expanding community, fraudsters tend to recreate Ripple's official website to advertise counterfeit giveaways and airdrops. The con artist's ultimate aim is to attain the potential victim’s crypto wallets to steal existing tokens or more funds later.
Actions Against Crypto Scams
In a related development, during April 2023, YouTube stepped in and restored the channel of a creator with 2.4 million subscribers that was hacked to market XRP scams. Following YouTube's involvement, 'DidYouKnowGaming?' YouTuber was able to regain control of his account and recover deleted videos. However, how hackers managed to infiltrate YouTube accounts remains unknown.
We invite you to collect this article as a nonfungible token (NFT) to celebrate this historic event and to back independent journalism within the crypto space.
