Coinmarketcap Calls XRP an Imposter Cryptocurrency, Enraging the Ripple Community
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.
While the larger crypto market has suffered this month, news about the Ripple v SEC case has dragged on XRP, with some analysts predicting a Ripple defeat. Extensions haven’t helped, and the SEC hasn’t been able to finish the case on 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.
While the contentious post has since been removed, it was enough to have the crypto Twitter community discussing 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 lashes out at Coinmarketcap.
Many XRP fans were outraged by the announcement, claiming that the aggregator was just 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 it was a Mistake
CoinMarketCap has subsequently apologized, stating that the deleted tweet was a mistake. According to the aggregator, it is unconcerned about the qualities of any coin.
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.