In This Article:
Key Insights:
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CoinMarketCap calls XRP a crypto imposter on Thursday, drawing the wrath of the XRP community.
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News updates on the SEC–Ripple case has weighed heavily on XRP, which is currently down 23.5% for April.
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Key technical indicators bearish. XRP sits below the 50-day EMA after a ninth loss in ten sessions.
It’s been a bearish April for XRP, which is currently down 23.5%. After briefly testing resistance at $0.80 in mid-April, XRP has fallen in nine out of ten sessions to test support at $0.60.
While the broader crypto has struggled in the month, news updates on the Ripple v SEC have weighed on XRP, with some pricing in a Ripple loss.
Extensions have not helped, with the SEC failing to close out the case in a timely manner.
With the case ongoing since December 2020, Ripple Lab and Brad Garlinghouse would not have anticipated a jibe from the crypto community.
CoinMarketCap Calls XRP an Imposter Cryptocurrency
On Thursday, CoinMarketCap shared a controversial image on Twitter drawing condemnation from the XRP community.
Now deleted, CoinMarketCap tweeted an image of a game asking players to identify the imposter among a list of cryptos, including BTC, ETH, BNB, LTC, XMR, and XRP, among others.
The tweet then went on to say,
“The answer: $XRP – for being controlled and governed by authorities, hence defeating the purpose of #cryptocurrency 😉
After taking down the tweet, CoinMarketCap tweeted,
“We made a mistake – #CoinMarketCap does not want to compare the merits of any crypto over the other. A new team member was not familiar enough with our policy on commenting on other projects, but now they are! We aim to be unbiased and let the algorithms do the talking.”
The XRP Community not only responded to the first tweet but also the apology.
Binance Capital Management, behind crypto exchange Binance, acquired CoinMarketCap in 2020. XRP community members questioned CoinMarketCap’s motives, with others referencing the platform’s erroneous description of XRP.