XRP has recently surged to a new all-time high of $3.65, driven by increased trading activity in South Korea and the United States. According to data from CryptoSlate, XRP has become one of the top five most traded digital assets, trailing only behind Bitcoin, Ethereum, and stablecoins USDT and USDC. The total volume of XRP reached $22 billion, surpassing the combined volume of all other top-10 non-stablecoin digital assets.
The surge in XRP trading was particularly concentrated in South Korea and the US, with over one-third of trades taking place on Upbit, South Korea’s largest crypto exchange. In the US, analysts noted strong spot market activity, with significant buy pressure on major platforms like Coinbase and Kraken. The lower price of XRP compared to other cryptocurrencies makes it more psychologically attractive to retail investors, leading to a wave of new buyers entering the market.
However, as XRP’s price soared, scammers took advantage of the situation. A deepfake video surfaced on social media on July 18, showing a fake Brad Garlinghouse, CEO of Ripple, promoting a fraudulent XRP giveaway. The video featured an AI-generated impersonation of Garlinghouse praising the community for its support amidst Ripple’s legal battle with the US SEC. The impersonator promised a 100 million XRP airdrop and directed viewers to a fake website.
Ripple’s Chief Technology Officer, David Schwartz, quickly debunked the video, warning users that it was a scam and advising them to be cautious of phishing attacks during market uptrends. These scams often lure users with fake rewards and trick them into disclosing sensitive wallet information, leading to theft. Garlinghouse has been vocal about such scams in the past, and Ripple has released official warnings to educate the community about deepfakes and impersonation schemes in the crypto industry.
As XRP continues to make headlines with its price surge, it is crucial for investors to remain vigilant and verify information before taking any action. The crypto market is rife with opportunities, but also risks, especially when it comes to safeguarding personal information and assets online. Stay informed and stay safe in the ever-evolving world of digital assets.