Finance Veteran Calls Ripple Coin “Scam” – What’s the Reality?

In a recent development, a finance veteran has stirred controversy by boldly declaring that XRP, a prominent digital asset, is a scam. The veteran, identified as Rajat Soni, expressed his skepticism about XRP's adoption by financial institutions, asserting that banks would favor Bitcoin over XRP.

Soni went on to outline several reasons supporting his claim that XRP is fraudulent.

Disputes Regarding XRP Adoption

One of the key arguments put forth by Soni is the alleged false claim that Ripple Labs, the company behind XRP, developed the cryptocurrency. According to him, this misinformation contributes to the perception that XRP is centralized, dissuading banks from considering it as a viable option.

Soni further asserted that a significant portion, specifically 80%, of XRP's circulating supply was issued to Ripple Labs, a claim that contradicts the narrative that Ripple Labs created XRP.

This contradiction, according to Soni, raises concerns about the distribution and control of XRP.

Additionally, Soni claimed that Ripple could alter the code of XRP, enabling the issuance of more cryptocurrency at their discretion. This perceived one-sided control over the code, as Soni stated, grants Ripple the authority to adjust without external oversight. Unsurprisingly, these strong statements from the finance veteran have triggered reactions from the XRP community.

Pro-XRP figures, including attorney Bill Morgan and crypto author Panos Mekras, criticized Soni's assertions as ill-informed and lacking in basic research skills.

XRP YouTuber Moon Lambo also joined the chorus, highlighting what he perceives as inconsistencies in Soni's claims and emphasizing the need to challenge such viewpoints.

The controversy surrounding Soni's declaration adds a layer of debate within the crypto community, with supporters and critics of XRP engaging in discussions about the rightfulness of the digital asset.

As the crypto space continues to evolve, differing opinions on specific cryptocurrencies are expected to surface, shaping the current state of the financial sphere.

Positive Price Outlook for XRP Negates Skepticism

Despite Soni's skeptical viewpoint on XRP, there seems to be potential for the token to continue its upward movements. The analysis of the daily price chart, which indicates a sustained bullish trend, confirms this positive outlook.

A noteworthy development is the rebound off a significant support level at $0.60, suggesting that sellers may be gradually yielding to buyers.

Observing XRP's performance today, December 20, the presence of a green candle further supports the notion of a bullish move. If the current support level at $0.60 holds strong, there is a possibility that XRP could surge toward a key resistance point at $0.673.

Notably, while Soni's sentiments may contribute to negative perceptions of the token, the anticipated bull run in 2024 could counter such concerns.

Some experts even project a notable increase, setting a target price of $1.55 for XRP by 2024. This optimistic projection is linked to the Bitcoin halving scheduled for April next year.

Meanwhile, XRP is trading at $0.61, reflecting a modest 0.44% increase from its price yesterday.

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