- Scams and fraud cost XRP community over 8.5 billion tokens.
- XRP/USD recovery is limited by psychological resistance of $0.2000.
Ripple users lost over 8.5 million tokens to fraudulent airdrops and giveaway scams on YouTube over the past year, according to the information provided on the website of XRP community. The statistics gathered by XRP data aggregator xrplorer shows that XRP holders sent 6 million XRP tokens to the addresses associated with giveaway scams. Another three million tokens were lost to scammers in 2020.
According to our data, XRP accounts associated with these “giveaway” scams are in possession of at least ~5.9M XRP with many funds laundered every day through exchanges and swap services.
xplorer is a new source of statistical data that is still in its beta version. It is presented as a “community initiative to help prevent and combat fraudulent activity on the XRP ledger”:
There is a threat to XRP investors, disguised as well-meaning giveaways and airdrops, social media handles disguised as valued community members and celebrities, and websites disguised as official communication channels. We are building tools to help people who have been victims and to prevent others from becoming so. Time is of the essence. From the time a victim realizes they have been defrauded to when they trace their funds and to when they get in touch with an exchange, the money is often long gone.
Ripple recently filed a lawsuit against YouTube in relation to scam videos that harm the reputation of the project and cause losses to ordinary XRP users.
XRP/USD: Technical picture
Meanwhile, XRP/USD is changing hands at $0.1957. The third-largest coin stopped short of critical $0.200o n Thursday and settled down in a new range after a week’s long consolidation under $0.1900. Ripple’s market value is registered at $8.6 billion, while an average daily trading volume is set at $2.2 billion.
On a daily chart, XRP/USD is still moving between 38.2% and 23.6% Fibo retracement levels for the downside move from February 2020 high ($0.2030 and $0.1700 respectively). A sustainable move in either direction will help to define the long-term trend for the coin.
Once psychological $0.2000 reinforced by the above-said Fibo retracement and the upper line of the daily Bollinger Band may slow down the recovery. However, once it is out of the way, the upside is likely to gain traction with the next focus on $0.2100 and daily SMA100 at $0.2190. The coin has been trading below this MA since the beginning of March.
On the downside, the initial support is created by $0.1900. If it is broken, the sell-off will continue towards daily SMA50 located on approach to $0.1800. A sustainable move lower will negate the bullish scenario and open up the way towards the lower border above-mentioned consolidation channel at $0.1700.
XRP/USD daily chart
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