XRP Classic: an investment asset or a scam?
Launched in December 2022, XRP Classic surged 400% in less than a month, attracting the attention of retail investors. Let’s take a look at why experienced traders ignore this asset.
XRPC token attracted the attention of both media and traders, as it positioned itself as an ardent follower of XRP Ripple's ideas. An additional argument in favor of buying a “ripple substitute” was the protracted litigation between Ripple and the SEC.
If you go to the project’s page on Coinmarketcap, you will see a disturbing warning about the need for DYOR before buying the coin (read our step-by-step guide on analyzing cryptocurrencies). It seems that unseasoned adventurers are not intimidated by that. Let’s see if XRP Classic is a sound investment.
XRPC: a token or a coin?
The official website says that XRP Classic is a project launched to create its own “carbon-free” ReFi blockchain. The devs do not explain what ReFi is, so we can assume that it is a none-too-subtle hint that finances can easily get rekt here.
XRPC clearly does not have its blockchain, so it's inaccurate to call it a coin.
The purpose and the goals of the project are described in empty meaningless phrases:
● to develop solutions that will make the crypto space safe and easier to understand for everyone;
● to create an innovative long-term ecosystem;
● to allow users to make money out of a pleasant experience;
● to be part of the global transition to a low-carbon economy.
No specifics, no clear plans. Compared to these goals, even the stillborn Tosa Inu token looks more attractive, claiming that it has a mission to save animals around the world.
The project roadmap does not indicate any specific dates. It states that the blockchain will be developed only after XRPC reaches a threshold of 50,000+ users. No time frames.
Source: xrpclassic.com
The roadmap also notes that the token was listed on several CEXs. Nevertheless, we only found it on PancakeSwap and a small centralized platform of russian origin Coinsbit. On the P2B platform, the token is currently under moderation. These platforms are not considered reliable by reputable investors.
The project tokenomics
XRPC is a hyperinflationary token with an integrated Smart Exchange feature. The total supply is 1 billion XRPC. All tokens were issued one time and no further emission is planned.
The XRPC supply is distributed as follows:
● the developers' team got 5%;
● 41.11% sold during presale;
● 20.56% frozen in a liquidity pool;
● 33.33% burned immediately after emission.
It means that there is not more than 666,666,667 XRPC in circulation. According to Coinmarketcap, the current self-reported circulating supply is 666,645,870 XRPC and the capitalization of a project is at $4,052,896.
The price of XRPC during pre-sale was $0.0010. The all-time high was set at $0.0276. At the moment of writing the token is trading at $0.00608 in XRPC/BNB on PancakeSwap, and at $0.0061 in XRPC/USDT on Coinsbit.
The daily trading volume is currently around $19,000.
Project Founders
There is no credible information about the creators that we could find. There is a sponsored article about “ReFi XRP Classic crypto” on the “Moya Gazeta” russian website, which mentions developer Evan James. He says that the token was in a crypto exchanges news feed and was advertised on billboards in Time Square, New York.
A Google search for “Evan James” did not give us any information other than reposts of the same article in different media. The fact that “the carbon-free blockchain” is buying ads from websites dedicated to horoscopes and cooking recipes added even more doubts concerning the integrity of the project.
Thus, we have concluded that XRP Classic is a pure scam. At the same time, we believe that every potential investor should do his own research, and not trust random articles on the internet. Even this one.
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