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For weeks, Ripple’s XRP has been on a tear, breaking key price metrics which allowed it to solidify its standing as one of the industry’s biggest cryptos. For most of 2024, XRP has been on a sideways movement, trading at the $0.50 level. But then Trump and the US elections happened, and the XRP has become one of the industry’s best-performing digital assets. Related Reading Bitcoin Sudden Breakdown: Price Falls Below $100,000 Support 9 hours ago
As one of the top-performing assets, XRP naturally caught the attention of some market analysts and commentators. Rajat Soni, a leading finance expert, has offered a satirical take on XRP and how holders can join the rush and become rich. Soni’s post generated a mix of amusing and dismissive replies from the crypto community.
But one thing is sure: Soni only highlighted the common tactics and strategies marketers use to exploit the market and generate revenues at the expense of inexperienced crypto players. Get Rich With Ripple’s XRP?
How does one get rich with cryptocurrencies like XRP? Soni counted the ways in his humorous take on the altcoin, which was shared on Twitter/X. Specifically, Soni listed nine steps to get rich quickly with XRP. How to get rich:
1) Create a coin like XRP out of thin air
2) Create a separate company and take ownership of the entire supply of XRP
3) Market XRP as much as possible
4) Sell XRP to anyone who wants to get rich quick (is 8 years still quick?)
5) Brainwash these people and…
— Rajat Soni, CFA (@rajatsonifnance) January 25, 2025
According to Soni, the first step is to create the coin out of thin air and aggressively market the product (XRP). The next step is to sell the coin to interested individuals who want to get rich. Then, brainwash all those who bought the token and tell them that it will surge to $100k per token, and never believe naysayers.
Also, he shared that an integral component of the campaign is to feed holders with lies and attack anyone who says that asset is a scam. Finally, the last step is to pull the rug and end up with a fortune. So, What’s Up With XRP?
Ripple’s XRP has been the subject of criticism and other complaints in the last few years. For most commentators, XRP suffers from too much centralization or the control of a single entity. Soni is one of the leading critics of this project, calling it a “scam.” In one of his recent social media posts, he described Ripple’s token as fraudulent, and banks will never use it. XRP is currently trading at $2.88. Chart: TradingView
Soni’s main beef with this digital asset is its lack of centralization, a key feature of Bitcoin and other top altcoins. He argued that the company controls almost half of its supply, making the token prone to market manipulation. What XRP Supporters Say About Soni’s Satirical Post
Soni’s post received mixed reactions from the community, with some offering some amusing replies to the thread. Interestingly, a few direct responses to Soni’s satirical post suggested that some of XRP’s supporters are now immune to these targeted attacks against the project. Related Reading Bitcoin Enthusiasm Peaks At $100K, Yet Expert Eyes A $95K Dip 3 days ago
In previous postings, some critics engaged with Soni, including Bill Morgan, who called Soni’s postings “ill-informed”. Panos Mekras, a popular crypto author, also hit Soni for the supposed lack of research, even re-sharing a 2018 thread on XRP basics.
Featured image from Pexels, chart from TradingView