Rajat Soni Outlines Nine Steps to Create a Coin Like XRP

Ripple's XRP has surged in performance, breaking key price metrics after a lengthy period of sideways trading around $0.50. Recent events surrounding the US elections have contributed to this rise.

Market analyst Rajat Soni humorously critiqued XRP in a satirical post, outlining nine steps for rapid wealth accumulation through the asset. His points included:

Create a coin like XRP from scratch
Establish a company and control the entire XRP supply
Market aggressively
Sell XRP to eager investors
Manipulate narratives around the asset's value

Soni criticized XRP’s centralization, asserting that Ripple controls nearly half of the supply, which could lead to market manipulation. He labeled the project as fraudulent, stating that banks would not adopt it.

The crypto community reacted with mixed responses, with some defending XRP against Soni's claims. Critics like Bill Morgan and Panos Mekras countered Soni's views, labeling them as uninformed.