XRP has been in a gloomy April, with the price presently down 23.5 percent. XRP has declined in nine out of ten sessions to test support at $0.60, after briefly reaching resistance at $0.80 in mid-April.
As the biggest crypto market suffered this month, news regarding the Ripple v SEC case dragged on XRP, with some analysts predicting a defeat for Ripple. The extensions didn’t help, and the SEC was unable to complete the case in time.
Who is the Imposter?
The market data aggregator CoinMarketCap (CMC) was at the focus of a controversy today after tweeting that Ripple’s XRP was not a true cryptocurrency. CMC has posted a screenshot of a game in which participants had to discover the imposter among digital assets such as Bitcoin, BNB, Ethereum, XRP, and others.
Although the contentious post has since been deleted, it was enough for the crypto Twitter community to discuss each of the game’s assets.
XRP was the imposter, according to CMC, since it lacks the characteristics of a legitimate cryptocurrency because it is administered and controlled by a central body. “All the other coins in this are decentralized and are basically “people’s crypto,” it stated.
The XRP community is outraged and takes it out on Coinmarketcap.
Many XRP fans were outraged by the announcement, saying the aggregator was only demonstrating its bias against the cryptocurrency.
The site “removed XRP’s volume numbers from Korean marketplaces without warning in early ’18,” according to one user. They also accused CMC of spreading false information with ulterior motives.
Coinmarketcap tweeted that it was a mistake
CoinMarketCap later apologized, saying the deleted tweet was a mistake. According to the aggregator, it does not care about the qualities of a piece.
In 2020, Binance Capital Management, the company behind the cryptocurrency exchange Binance, purchased CoinMarketCap. Members of the XRP community questioned CoinMarketCap’s intentions, with some pointing to the platform’s incorrect definition of XRP.
However, others in the crypto world still feel that CMC was correct. This is not far from the truth, according to them, noting the ongoing dispute between Ripple and the Securities and Exchange Commission (SEC) over whether the token is a cryptocurrency or unregistered security.
