XRP has surged to a new all-time high of $3,65, propelled by an extraordinary wave of trading activity originating from South Korea and the United States. This explosive growth, however, has also attracted a more sinister element, with sophisticated deepfake scams quickly emerging to exploit the market enthusiasm.
A Global Surge in Demand
Over the past 24 hours, XRP’s trading volume soared to an impressive $22.000.000.000, placing it among the top five most-traded digital assets globally, surpassed only by market leaders Bitcoin, Ethereum, and major stablecoins. This volume notably exceeded the combined total of all other top-10 non-stablecoin assets.
The rally was geographically concentrated. In South Korea, data from the country’s largest exchange, Upbit, showed that XRP trades accounted for more than a third of its total activity. Simultaneously, US markets saw a significant influx of retail investors. Crypto analyst Dom highlighted strong buying pressure on major platforms like Coinbase and Kraken, noting the psychological appeal of the asset’s lower price point.
“We’re seeing a clear wave of retail flood in. Unit bias is in full effect – XRP’s lower price makes it psychologically more attractive,” he commented.
Sophisticated Scams Exploit the Hype
The high-profile rally has unfortunately cast a shadow, creating a fertile ground for fraud. A convincing deepfake video began circulating on the social media platform X on July 18, featuring an AI-generated impersonation of Ripple CEO Brad Garlinghouse.
In the fraudulent video, the impersonator thanked the XRP community for its support before announcing a fake giveaway of 100 million XRP and directing viewers to a malicious website designed to steal user credentials and funds.
Ripple’s Chief Technology Officer, David Schwartz, promptly issued a warning to the community, confirming the video was a scam. “He urged the community to stay vigilant against phishing attacks, which often coincide with market upswings,” Schwartz stated, debunking the clip as a sophisticated AI generation unaffiliated with Ripple or its leadership.
This incident is not isolated. Ripple and Garlinghouse have previously released official warnings about the growing threat of deepfake technology being used to impersonate public figures and defraud investors. The recent event serves as a stark reminder that as digital assets gain mainstream traction, investors must balance their market enthusiasm with heightened security awareness to navigate both the opportunities and the risks.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. Always conduct thorough research before making investment decisions.
