Few comments spark debate across the crypto landscape like an outright accusation of fraud. When a seasoned financial analyst brands a top-ten cryptocurrency “the biggest scam in history,” it forces market participants to question both the technology and the narratives surrounding it. That is exactly the kind of reaction Rajat Soni, CFA, provoked when he aimed Ripple’s XRP. Rajat Soni’s Sharp Critique On X, Soni challenged XRP’s core value proposition, arguing that anyone who believes banks will adopt the token should “get yourself checked out.” His critique stems from a staunch Bitcoin-maximalist perspective: that digital assets other than Bitcoin—particularly those launched by private companies—are mere speculative instruments. If you own XRP and you truly think it's going to be used by banks, get yourself checked out for brain damage XRP is the biggest scam in history https://t.co/2bYXz2C2b9 pic.twitter.com/KZbrRv6Q8v — Rajat Soni, CFA (@rajatsonifnance) September 23, 2025 Soni also highlighted a historical anomaly within the XRP Ledger, noting that ledgers numbered 1 through 32,569 were lost in the project’s earliest days . As a result, public records begin only from ledger 32,570, a fact acknowledged in XRPL’s own documentation and often cited by skeptics as evidence of a flawed foundation. The Banking Adoption Debate Ripple, the company closely associated with XRP, has long promoted its token as a bridge asset for cross-border payments. Ripple’s ODL platform utilizes XRP to facilitate fast and efficient cross-border transactions between fiat currencies, with proven success in regions such as Asia and Latin America. However, major global banks typically choose Ripple’s enterprise software without integrating XRP itself. Santander’s One Pay FX, for example, leverages Ripple’s messaging technology but relies on traditional fiat rails rather than the cryptocurrency. This distinction undercuts the narrative that banks will universally embrace XRP for liquidity. We are on X, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) June 15, 2025 A Mixed Reality Beneath the Headlines While Soni dismisses XRP as a “scam,” the on-chain evidence shows a more complex picture. The ledger’s missing early records are an undeniable blemish , yet the network has operated reliably from ledger 32,570 onward. Furthermore, specialized payment providers and remittance firms continue to use XRP for specific corridors where speed and cost efficiencies justify the token’s volatility risk. Final Analysis Rajat Soni’s warning is a stark reminder that investors should distinguish between bold marketing claims and verifiable adoption. XRP powers real payment flows in limited contexts, but widespread bank usage remains unproven, more than a decade after its launch. Whether one agrees with Soni’s “biggest scam” label or not, his challenge underscores the need for due diligence, independent audits, and hard evidence before treating any cryptocurrency as institutional plumbing. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Bitcoin Maxi: XRP Is the Biggest Scam in History. No Bank Will Use It appeared first on Times Tabloid .
