• XRP Classic (XRPC), a clone of popular cryptocurrency XRP, has recently seen a 400% price surge.
• Market participants are wary that the project might be a scam due to little information about the token and its roadmap items.
• Ripple’s XRP Ledger or its XRP token have no association with the project.
The cryptocurrency market has recently been abuzz with the 400% surge of XRP Classic (XRPC), a clone of popular cryptocurrency XRP. Despite its name, the project has nothing to do with Ripple’s XRP Ledger or its XRP token, leading many investors to question the legitimacy of the project.
Per CoinMarketCap data, XRPC is up 442.18% in the last 30 days. The token is the third most searched asset on the crypto market data aggregator CoinMarketCap. However, the project’s website offers very little information about the token, its mission, and its roadmap. According to the website, the project’s mission is to develop solutions that will make the crypto space safer. The project’s roadmap is split into four phases with the final being the launch of its own blockchain.
The roadmap items have caused alarm bells to ring for investors, as they include a target of getting listed on top exchanges, reaching a market cap of $250 million, and having over 100k holders. These goals may be too ambitious for a project that is relatively unknown in the crypto space. Furthermore, there is no contract on the XRP Ledger blockchain with a similar contract name to the project.
Unfortunately, this isn’t the first time that scammers have targeted Ripple and XRP. In December of last year, Ripple chief technology officer David Schwartz warned the community of a phishing scam claiming to originate from Binance. A few days later, lead developer of the XRP Ledger ecosystem and author of Xumm Wallet Wietse Wind warned the public about another scam targeting the XRP community. The scammers published a fake Ripple website offering an „autonomous XRP staking trial program.“
Investors should exercise extreme caution when considering investing in XRP Classic. Whilst the project may offer investment opportunities, it could also be scam. Knowing the risks associated with investing in the asset is important before deciding to invest.