Ripple issues scam warning as XRP soars over 400%

Ripple (CRYPTO:XRP) has raised alarms about the rise in cryptocurrency scams amid the surge in XRP's value, which has skyrocketed over 400% in recent weeks, positioning the digital asset as the third-largest cryptocurrency by market cap, now exceeding $150 billion.  

In a post on social media platform X, Ripple warned users about the increase in scams, urging vigilance against tactics like deepfakes, phishing, and fake giveaway schemes.  

The company emphasised that neither CEO Brad Garlinghouse, CTO David Schwartz, President Monica Long, nor CLO Stuart Alderoty would ever ask for XRP transfers from users.  

“Uptick in the crypto market means uptick in scams — Reminder that Ripple will never ask you to send XRP, and neither will Brad, David, Monica, Stu, or anyone else from Ripple. Stay vigilant!” Ripple reiterated.

Ripple has been active in collaborating with law enforcement agencies, including the FBI, and blockchain organisations to combat crypto fraud.  

The company has also been educating users about recognising fraudulent activities, providing resources on how to stay informed and protected.  

XRP's remarkable price surge is largely attributed to optimism surrounding Ripple's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), with many speculating a favorable resolution that could shape future crypto regulations.  

The market's excitement is further fueled by Ripple's expanding cross-border payment partnerships and rumors about an XRP-backed exchange-traded fund (ETF) and the launch of a stablecoin, RLUSD (CRYPTO:RLUSD).  

Ripple's warning also highlighted common scam tactics, such as deepfake impersonations of executives and phishing emails. 

To help users, Ripple advised verifying information through official channels, avoiding unsolicited requests for funds, and using secure digital wallets.  

They stressed the importance of reporting suspicious activity to local authorities or agencies like the FBI, urging caution with offers that appear "too good to be true."

At the time of reporting, the XRP price was $2.69.