Litecoin earned the ire of XRP holders after the project’s official account on X tweeted in mockery of Ripple XRP and its CEO, Brad Garlinghouse. The post, which started as a fun fact about comets, quickly escalated due to the comparison with XRP.
According to the post, the idea that XRP would grow substantially in value because it would become an on-off ramp for traditional institutions in the future is nothing but a smelly illusion.
The opening part of the post reads:
It went further to lampoon the idea that Ripple will replace SWIFT as the dominant banking rail, sarcastically referring to speculations about other factors that could drive XRP’s future growth, including the limited number of tokens and Ripple’s CEO’s close association with Donald Trump.
Whatever Litecoin’s intention might have been, the post has been met with massive negative reaction, mostly from XRP community members. Some focused their criticisms on Litecoin itself, noting that the founder of Litecoin, Charlie Lee, sold the token back in December 2017, noting that this as a sign of a lack of conviction.
Others focused on how Litecoin’s value has declined over the years. LTC peaked at around $412.96 back in 2021 but now trades at $109.61, representing over 73% decline in value.
Crypto attorney Bill Morgan said:
Meanwhile, others warned that Ripple could file a defamation or trade libel lawsuit against Litecoin, given that LTC is a competitor for XRP. Many also noted that Litecoin itself has faced criticisms from the broader crypto community in the past, but it is now doing the same to other crypto assets.
However, the wave of criticisms has not stopped the Litecoin account handler and its supporters. The account also countered that Ripple founders sold the tokens while adding that it is not a competitor for XRP like XLM. The initial post has also generated significant engagement with over 700,000 views on X.
In the latest sign of doubling down, the Litecoin account observed how it has roasted other crypto projects with little pushback, but its criticism of XRP was enough to ignite a fire.
It posted:
Meanwhile, Litecoin supporters are backing the project, noting that it is nothing like XRP and does not serve a similar purpose.
XRP and LTC decline in the last 24 hours
Despite the strong animosity that the members of both camps have against each other on X, the two tokens have had a similar price performance in the past few months. According to CoinMarketCap, XRP and LTC are both down more than 1% 24 hours, while XRP saw a more significant drop in the week.
While their declines might be due to the broader crypto market performance, both tokens have also seen more than 20% gains in the last three months, indicating that they are on a resurgence.
LTC is up 23% while XRP gained 25%. XRP is also the clear leader for year-to-date gains with 19.28% even though Litecoin is up 4.30%.
The smartest crypto minds already read our newsletter. Want in? Join them.
Source: https://www.cryptopolitan.com/litecoin-mocks-xrp-sparking-fierce-backlash/
