CoinMarketCap describes Ripple’s XRP as an “impostor” cryptocurrency CoinMarketCap describes Ripple’s XRP as an “impostor” cryptocurrency

CoinMarketCap describes Ripple’s XRP as an “impostor” cryptocurrency

Ripple’s community stated that CoinMarketCap’s tweet revealed its bias against XRP.

CoinMarketCap describes Ripple’s XRP as an “impostor” cryptocurrency

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.

Source: Twitter

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. 

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.

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.

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. 

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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