Ripple CEO Brad Garlinghouse Warns of Hijacked YouTube Accounts Scamming XRP as the Token Rises 48% This Month and Reaches a Historic High of $3.65.
XRP set a historic high of $3.65 early last week before dropping sharply 15% in the following three days according to CoinGecko data. Along with an impressive 48% price increase over the past month, trading volume remained high with over $17.4 billion of XRP changing hands in just 24 hours.
Ripple CEO Brad Garlinghouse issued a public warning about the increasing fraud attempts targeting the XRP community. He pointed out that hijacked YouTube accounts are impersonating Ripple to promote fake XRP giveaway programs.
"As usual, whenever the market surges strongly, fraud attempts increase," Garlinghouse wrote on X. "As always, if something sounds too good to be true, it probably is."
XRP Community Becomes an Easy Target
Ryan Yoon, senior analyst at Tiger Research, believes the unique structure of the XRP community makes them an attractive target for scammers. "The demographic structure of XRP holders tends to lean towards older retail investors who may not be familiar with digital asset security principles," Yoon analyzed.
He noted this creates a systemic weakness that scammers can exploit, taking advantage of limited technical knowledge and Ripple's reputable image to deceive users. Unlike crypto projects with younger, security-savvy communities, the XRP community becomes an attractive target for sophisticated social engineering attacks.
Vincent Liu, Investment Director at Kronos Research, also believes XRP naturally becomes a target for fraud attempts due to being one of the most recognizable and liquid tokens in the market. "Widespread presence comes with significant risks, especially during high price volatility," Liu observed.
Currently, XRP is trading around $3.25, down 2.7% for the day. Liu assesses that this price surge is primarily driven by capital flow, and an official ETF or major legal victory would be key factors for sustainably breaking the $3 mark.
According to the Myriad prediction platform, over 64% of users believe an XRP ETF will be approved before a Litecoin ETF, indicating positive expectations from the community about the asset's future.
Migs Caparas, an XRP community member, shared that every time XRP's price increases, scams emerge, exploiting market greed and excitement. He noted that some fraudsters even infiltrate social media accounts within the XRP community, posing as investors or influencers to establish scam schemes.
"Ripple is doing the right thing by continuously reminding users to be cautious of these tactics," Caparas assessed, while calling on platforms like YouTube to take more proactive measures to prevent fraud.
