The digital asset XRP has surged to a new peak valuation, reaching $3.65, largely fueled by increased trading volumes observed in both South Korea and the United States.
According to data compiled by CryptoSlate, XRP’s trading volume positioned it within the top five most actively traded cryptocurrencies over the preceding 24-hour period. It followed only Bitcoin, Ethereum, and the prominent stablecoins USDT and USDC.
XRP’s total trading volume reached $22 billion, exceeding the combined volumes of all other top-10 digital assets (excluding stablecoins) beyond Bitcoin and Ethereum.
Data sourced from CoinMarketCap indicates that the heightened activity centered primarily within South Korea and the US. Specifically, XRP accounted for over a third of the trading activity on Upbit, the leading cryptocurrency exchange in South Korea.
Meanwhile, in the US market, cryptocurrency analyst Dom pointed out robust spot market activity, noting significant buying pressure on major exchanges like Coinbase and Kraken.
Dom observed:
“A clear influx of retail investors is noticeable. The lower unit price of XRP is seemingly contributing to its appeal.”
CoinMarketCap also verified that XRP dominated trading volume across these US-based platforms during the same period of its price ascent.
Emergence of a Deepfake Video
Coinciding with the increased interest in XRP’s price movement, malicious actors have quickly attempted to capitalize on the situation.
On July 18th, a fabricated video began circulating on X (formerly Twitter). The deceptive content featured an AI-generated likeness of Ripple CEO Brad Garlinghouse, promoting a fraudulent XRP giveaway scheme.
The manipulated video convincingly portrayed Garlinghouse praising the community’s support regarding Ripple’s ongoing legal proceedings with the US Securities and Exchange Commission (SEC). The impersonated figure then announced a fictitious 100 million XRP airdrop, directing viewers to a fraudulent website.
Ripple’s Chief Technology Officer David Schwartz promptly addressed the video, identifying it as a scam. He cautioned users that the clip was AI-generated and held no affiliation with Ripple or its leadership. Schwartz also stressed the importance of community vigilance against phishing attempts, which tend to surface during periods of market growth.
Such deceptive schemes typically attract victims by offering fake incentives, leading them to divulge sensitive wallet details, which ultimately results in theft.
Notably, Garlinghouse has frequently issued warnings against these types of tactics. In the preceding year, Ripple released an official advisory featuring the CEO to generate awareness regarding the increased prevalence of deepfakes and impersonation scams within the cryptocurrency sector.