It is not uncommon for existing projects to face some competition from imitators in the long run. Bitcoin is a good example, as numerous “versions” of this currency are available on the market today. It now seems the same will be happening to XRP, as XRP Classic has been introduced not that long ago. It would appear the community is not too amused by this development whatsoever.
Be Wary of the XRP Classic Project
Unlike what the name might suggest, it remains to be seen if XRP Classic will effectively be a different spin on the XRP asset most people are familiar with today. Especially the re-use of the XRP logo will create some interesting discussions moving forward. Moreover, it seems this new project is not endorsed by Ripple or the XRP developers, which makes XRP Classic look all the more suspicious.
According to the project’s website, XRP Classic aims to become an industrial solution with a strong focus on decentralization. While that sentence contains a fair few industry buzzwords, achieving such a vision will always be challenging. It also doesn’t necessarily explain why the project is trying to ride the coattails of XRP in this regard, primarily because it seems to target a completely different market.
Based on the information found online, the XRP Classic team is intent on building an auto trading system. It will be compatible with all major cryptocurrency exchanges and forex brokers. The native asset of this project will be an incentive mechanism to improve overall participation in this auto trading system. Users will also receive high-quality trading signals. It is evident all of these promises will make a lot of people wary, which isn’t necessarily a bad thing.
It would also appear the XRP Classic ecosystem will provide access to smart contracts, which is something one wouldn’t necessarily associate with the legitimate digital asset. This is another way of trying to entice investors by investing in something with the XRP name, despite being a completely different and unrelated project. There is also a mention of trading this asset on numerous exchanges already, as Mercatox has opened up XRPC trading for Bitcoin, Ethereum, and TUSD. That decision may backfire on this exchange in the future.
Perhaps the most obvious telltale sign on the XRP Classic website is their list of “partners”. These website links lead nowhere, which seemingly confirms this project has no active partners to speak of. That is not abnormal, as no one knew this project was around until a few days ago. Why anyone would partner with XRP Classic, is a different matter altogether. For now, it may be best to avoid this concept altogether.
It is unclear who is behind the XRP Classic project, as there are no official team members on the website. The WHOIS information for the domain name doesn’t reveal any additional information either. We do know the domain is registered through Namecheap and was created in late October of 2018. The phone number on the website appears to be registered to a landline in Bangladesh, which will make this project seem even shadier than it already is.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.