XRP Trading Volume Surges Amid Deepfake Scam Alert

XRP, the digital asset associated with Ripple, recently witnessed an explosive rise in trading volume, coinciding with its climb to a fresh all-time high. This newfound attention from global investors has not only fueled momentum across crypto exchanges but has also drawn in malicious actors attempting to exploit the hype with deceptive deepfake footage.

According to market data, XRP hit a significant milestone of $3.65 — a level unseen in years. This movement pushed XRP into the top five most traded cryptocurrencies within a 24-hour window, trailing behind giants like Bitcoin, Ethereum, and major stablecoins such as USDT and USDC.

XRP trading hit $22 billion in volume, a massive figure that outpaced the collective transactions of all other non-stablecoin assets outside Bitcoin and Ethereum. This surge was sharply pronounced across leading markets in South Korea and the United States, according to CryptoSlate. On Upbit, South Korea’s most dominant crypto exchange, XRP accounted for more than one-third of all trades, reflecting dominant retail interest.

Stateside, enthusiasm for XRP was prominently observed on exchanges like Coinbase and Kraken. Market analyst Dom noted accelerated spot market inflows as investors rallied around the asset. He commented on the psychological appeal XRP holds due to its relatively low per-unit cost — a phenomenon often referred to as “unit bias.”

This euphoric climb, however, became a breeding ground for opportunistic schemes. On July 18, a fraudulent deepfake video emerged on the social network X (formerly known as Twitter), supposedly featuring Ripple CEO Brad Garlinghouse. In the clip, the fabricated Garlinghouse praised supporters and promised a 100 million XRP giveaway via a fake website. The message was crafted using AI-generated visuals and audio, adding to its deceptive quality.

David Schwartz, Ripple’s Chief Technology Officer, quickly countered the misinformation by exposing it as a scam in a public statement, cautioning viewers against engaging with any airdrop claims or malicious links. Schwartz emphasized that the video had no ties to Ripple or any of its leadership and that users should exercise heightened caution, especially during market highs when scams typically spike.

This isn’t the first instance of Ripple’s brand and executives being exploited for fraudulent gain. CEO Brad Garlinghouse has been outspoken in past interviews about the dangers of deepfake content targeting XRP holders. Ripple previously issued official warnings addressing the rising use of AI for digital impersonation and has advised the public to remain skeptical of too-good-to-be-true offers involving crypto giveaways.

Across both major markets, the XRP rally reflects renewed optimism surrounding Ripple’s future. However, it also underlines the darker side of digital fame: as XRP celebrates increased visibility, it must also fend off deceptive tactics from scammers hoping to profit off unsuspecting investors. Traders and enthusiasts are urged to rely only on information from verified sources and to avoid engaging with unknown sites or social media campaigns promising free tokens.

Related: XRP Price: $12M Max Pain for Bears

With XRP commanding more attention on global exchanges, it becomes increasingly important to distinguish between authentic progress and scams exploiting market sentiment. As the community continues to rally behind Ripple’s broader ecosystem advancements, staying informed and vigilant remains crucial for lasting participation in the cryptocurrency space.