CoinMarketCap describes Ripple’s XRP as an “impostor” cryptocurrency 🚨 This article is 3 years old...
CoinMarketCap describes Ripple’s XRP as an “impostor” cryptocurrency
Ripple’s community stated that CoinMarketCap’s tweet revealed its bias against XRP.
2 min read
Updated: Apr. 30, 2022 at 1:13 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
CoinMarketCap (CMC) was at the center of a controversy today after the market data aggregator tweeted that Ripple’s XRP wasn’t a real cryptocurrency.
CMC had shared an image of a game that required the players to find the impostor amongst digital assets like Bitcoin, BNB, Ethereum, XRP, and others.
While the controversial tweet has now been deleted, it lasted long enough to get the crypto Twitter community talking about each asset in the game.
According to CMC, XRP was the impostor because it doesn’t have the qualities of a real cryptocurrency, as it is governed and controlled by a central authority. It continued that “all the other coins in this are decentralized and are basically “people’s crypto.”
XRP community lashes CoinMarketCap
The statement has garnered a lot of outrage from the many XRP supporters who said that the aggregator was only showing its bias against the token.
One user pointed to how the site “removed XRP’s volume stats from Korean markets without warning in early ’18.” They further accused CMC of creating FUD with ulterior motives.
It’s clear $XRP holders have to deal with the most utter nonsense on CT.
Remember, this is the site that removed #XRP’s volume stats from Korean markets without warning in early ‘18.
FUD like this reeks of ulterior motives! https://t.co/vIAmZVdOWa
— XRPGoat (@XrpGoat) April 29, 2022
Another user also accused CoinMarketCap of being biased for leaving wrong information about XRP on its page for more than two years. The fact that Binance Holdings own CoinMarketCap has also led some to take a dig at BNB, asking whether it’s decentralized.
You aim to be "unbiased" but you still haven't fixed the wrong information on XRP's description on your page for over 2 years now. What game are you playing?https://t.co/nmiQlG2LSs
— Panos 🔺 ☀️ {X} (@panosmek) April 29, 2022
But there are still those in the crypto community who believe that CMC was right. According to them, this is not far from the truth, citing the ongoing case between Ripple and the Securities and Exchange Commission (SEC) over whether the token is a cryptocurrency or unregistered security.
They weren't wrong through lol, xrp is really centralized .. anyone who says otherwise, works for them or has heavy bags
— Clara (@claraeuro) April 29, 2022
CoinMarketCap apologizes
CoinMarketCap has since apologized for the deleted tweet claiming that it was a mistake. The aggregator stated that it does not concern itself with the merits of any cryptocurrency.
We made a mistake — #CoinMarketCap does not want to compare the merits of any crypto over the other.
A new team member was not familiar enough with our policy on commenting on other projects, but now they are!
We aim to be unbiased and let the algorithms do the talking.— CoinMarketCap (@CoinMarketCap) April 29, 2022
The tweet further explained that “a new team member was not familiar enough with our policy on commenting on other projects, but now they are! We aim to be unbiased and let the algorithms do the talking.”
Is XRP a cryptocurrency?
Whether XRP is a cryptocurrency or not is the subject of the ongoing legal battle between the SEC and Ripple. The case, which was recently extended to November 15, was initiated by the commission in 2020.
The regulator claimed that XRP is an unregistered security according to the Howey Test, a claim that Ripple denies. The commission says that the centralization of XRP makes it a security, unlike digital assets like Bitcoin, which it considers to be decentralized.
However, Ripple disagrees, saying that XRP qualifies as a cryptocurrency even if it is centralized. The CEO, Brad Garlinghouse, in a recent statement, said that the “only country on the planet that thinks XRP is a security is the United States.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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XRP
$1.44950
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
CoinMarketCap provides financial metrics and graphs for all cryptocurrencies found on coinmarketcap.com.