What happened?
XRP saw a rise to $3 amidst concerns over a deepfake scam targeting Ripple’s CTO, David Schwartz. A video impersonating Schwartz has been circulating on social media, prompting him to issue a public warning about potential scams. Despite this, XRP’s price action remains strong, and trading volumes have increased by 15% in the past 24 hours.
Who does this affect?
This situation directly impacts XRP investors, as these scam incidents could test their confidence in the digital asset and influence short-term momentum. Furthermore, it also affects Ripple, as the company has had to issue several alerts about an “uptick” in such scams on platforms like YouTube.
Why does this matter?
This matter is significant as it can potentially impact the market behaviour of XRP. If investor confidence is shaken by these scams, it could slow down the current bullish momentum of XRP. Conversely, if investors remain unfazed, XRP’s price could continue its upward trajectory. Additionally, this scenario emphasizes the need for users to be cautious and verify information before making transactions.