Crypto
- Bill Morgan responds to Bitcoin advocate Robert Breedlove’s “XRP is a scam” claim.
- XRP has been legally validated as a virtual currency, not a security.
- The cryptocurrency’s decade-long resilience underpins its position in the market.
Legal and crypto expert Bill Morgan has responded to renewed criticism of XRP, particularly from Bitcoin advocates like Robert Breedlove, who labeled the cryptocurrency a “scam.” Responding to the post, Morgan addressed the allegation and took to a separate post to highlight XRP’s long-term resilience.
Addressing Bitcoin Maximalist Claims
Morgan’s remarks came after Breedlove, a well-known Bitcoin maximalist, dismissed XRP as a fraudulent crypto project. In response, Morgan criticized the simplicity of such claims, labeling them as intellectually shallow.
“The usual intellectual output from a Bitcoin maxi,” he remarked in a repost of Breedlove’s statement.
He further highlighted the strength of XRP’s community, noting that it has weathered years of similar accusations and a prolonged legal battle, which he described as an indirect trial of the community itself.
A Decade of XRP: Legal Battles and Market Validation
Morgan defended XRP’s legitimacy by pointing to its decade-long resilience, legal recognition, and strong market standing.
XRP endured significant legal and regulatory scrutiny from the SEC over the last five years but still remains one of the world’s top cryptocurrencies by market capitalization.
Its status as a virtual currency, rather than a security, was affirmed in a landmark ruling in July 2023. This legal victory set XRP apart from the accusations often leveled against it.
Morgan stressed XRP’s ability to survive challenges, including perceived regulatory favoritism toward Bitcoin and Ethereum and widespread misinformation campaigns.
“XRP has been tested by the market for over a decade and found itself to be a virtual currency and not a security,” Morgan explained in a series of posts.
Notably, XRP currently ranks as the third-largest cryptocurrency by market capitalization, with $168 billion. Despite facing regulatory and market challenges, it has maintained a loyal global user base and continues to play a key role in cross-border payments and blockchain solutions.
Related: XRP Price Prediction January 26: Bullish Predictions Emerge
As of this press time, XRP is trading at $2.92, reflecting a 6.7% decline over the past 24 hours and a 5.8% drop over the past week. Meanwhile, Bitcoin has fallen by 4.8% today, triggering a broader market downturn.
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