Ripple Warns of Rising XRP Giveaway Scams During Rally
Ripple warns of a surge in XRP giveaway scams during the recent crypto market rally. Scammers are hijacking high-profile YouTube channels to post fake XRP giveaway promotions, tricking investors into sending funds to attacker wallets with promises of double rewards. CEO Brad Garlinghouse emphasizes that Ripple never asks for XRP transfers in genuine promotions. Ripple has taken legal action against YouTube over scam ads and works with the platform to remove fraudulent content. Security firm Scam Sniffer also flags Punycode phishing attacks that mimic crypto sites in search results. Traders should verify URLs, follow official channels, enable two-factor authentication, and inspect links carefully. As XRP approaches multi-year highs, phishing threats and XRP giveaway scams intensify, requiring heightened vigilance.
Bearish
The surge in XRP giveaway scams and phishing attacks may undermine investor confidence and increase caution. In the short term, traders could reduce XRP positions due to security concerns, leading to downward price pressure. Over the long term, continued legal action by Ripple and improved platform cooperation may restore trust and stabilize the market. However, persistent scam threats could keep some investors on the sidelines, slightly weighing on bullish momentum.