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- Max Prime criticized Ripple’s XRP, calling it “crypto’s biggest scam” after a partial legal victory against the SEC.
- Ripple won a partial victory against the SEC in court but still faced a $125 million fine.
Max Prime, a well-known figure in the cryptocurrency world, recently targeted Ripple’s XRP, calling it “crypto’s biggest scam.” His comments came in the wake of Ripple’s partial victory in a legal battle against the U.S. Securities and Exchange Commission (SEC), a case that had dragged on since 2020.
#XRP is literally the biggest scam in crypto
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 NOTHINGHAHAHAHA SUCKERS pic.twitter.com/LR6sWtKtf5
— Max Prime (@MatrixPrime_) August 17, 2024
Ripple’s Legal Battle with the SEC
The legal battle between Ripple and the SEC involved serious accusations made by the SEC that Ripple Labs had violated federal laws by selling XRP as an unregistered security. The SEC sought a punitive fine of $2 billion, claiming that Ripple had defrauded investors with its conduct. However, Ripple countered that the proper penalty should be $10 million, a much smaller fine.
In the end, Judge Analisa Torres ruled that Ripple would pay a $125 million fine. Some saw this decision as a major blow to the SEC, especially considering the initial position that the commission had taken. Ripple’s CEO Brad Garlinghouse celebrated the decision as a win not only for Ripple but also for the whole crypto community, as the aggressive actions of the SEC against XRP have been stopped.
After the ruling, XRP rose by 30% and was trading at $0. 60 in the market. However, the rally was short-lived, as XRP’s price quickly retreated, declining by almost 15% and ending the day at $0. 5475 on August 11th. This decline in value, combined with the triumphant attitude of Ripple’s executives, only served to escalate Max Prime’s criticism.
Max, who has not been known to mince words, attacked Ripple’s leadership team, labeling them as ‘clowns’ for what he saw as overconfidence. Some of the XRP community applauded his harsh words as they also felt let down by the cryptocurrency even though they had won the legal battle.
Mixed Reactions from the XRP Community
Max Prime’s remarks led to a flurry of responses on social media, with several users in the XRP community coming to the defense of the digital asset. Melted, one of the users, countered this by stating that the SEC might appeal the decision that the court made, meaning that Ripple’s case is still ongoing. He ended his response by calling Max a ‘clown.’
Another prominent XRP supporter, XRP ADDICT 2021, questioned Max’s understanding of the situation, arguing that “little knowledge is a dangerous thing.” However, not all responses were as confrontational. Another user, keywaavy, was more cautious in his response, telling Max that XRP could still “go to the moon” as he had once predicted.
At the same time, Mr. Huber, a popular personality within the XRP community, also came under fire for his critique of Ripple. Another XRP supporter, Steve Hutcheon, told Huber to stop humiliating himself and said the future of XRP is tied to the SEC appeal. Hutcheon pointed to the 30-minute spike in XRP’s price in July and suggested that the cryptocurrency could have continued its upward movement if it had not been for legal issues.
