We ended the week with some events around Ripple and the highlights of the week. We start this count with your current price quote.
XPR: Quote at the moment
The price of XRP, according to our online crypto tool at the time of writing this post, was $ 0.1736, the price has risen to 0.9% in the last 24 hours. It has a circulating amount of 44 billion coins and a maximum amount of 100 billion coins.
Earlier, XRP had lost the level of what it represents a daily drop of 2.83%. This is the highest percentage depreciation in one day since March 22.
Fake Ripple CEO account promotes scam on YouTube
Continuing with Ripple and the highlights of the week, we note that the XRP community recently detected a scam attempt in which an anonymous user created a YouTube account, posing as Brad Garlinghouse, CEO of Ripple.
The situation would not have escalated if it were not for the fact that his image was used to promote an alleged XRP Airdrop among his followers.
At the time of detecting the situation, the fake account had gathered more than 270,000 subscribers and was uploading several interviews made to the CEO of Ripple. While in the video description, he explained that a contest was taking place, promising juicy prizes to those who dared to participate.
The scam followed the typical pattern of scams known in the ecosystem: someone created a fake account of some influencer and published an alleged Airdrop in which a person could receive a significant amount of funds. As long as they send an initial deposit to a certain wallet.
Singapore Monetary Authority licenses Ripple
The Singapore Monetary Authority (MAS) released the list of companies that received an exception under the payment services law. The list of beneficiary companies is extensive and includes Ripple Labs Singapore and Binance Asia Services, among other major payment companies such as Paypal and Google Payment.
According to the MAS publication, a six-month special permit was issued for these companies. Which are now allowed to continue their operations.
These XRP companies still need to complete the paperwork to receive a contemplated license. However, the exception has a specific expiration period, and MAS clarifies that when applying for a license, the exception could be suspended if the application is rejected.
This could hinder the process for a company that wishes to continue operations in the country.
Ripple class action lawsuit continues to move forward
An amended class action lawsuit accuses Ripple’s CEO of representing himself online as an optimist about XRP, while simultaneously liquidating his personal holdings.
In a ruling of last Wednesday, 26, the judge of the Northern District of California, United States, Phyllis Hamilton, allowed a class action to proceed by the retail buyers of XRP, against the company Ripple.
Hamilton said the lawsuit may include claims filed under federal law, but rejected some claims filed under California state law. Plaintiffs may resubmit such allegations under California law in a modification of the original lawsuit, within 28 days.
And with this, ends our account of the week’s top Ripple news. If you want to know more about this and other cryptocurrencies, stay tuned to the CryptoTrend posts.