Ripple Labs issued a fresh warning to the XRP community over impersonation scams and fake giveaways on the same day the launch of the first spot XRP exchange-traded fund (ETF) is likely to take place.
RippleX, the company’s development arm, told investors to watch out for fraudulent livestreams, deepfake videos, and fake investment campaigns of Ripple-endorsed promotions through its official X account on Thursday.
“Ripple employees will never ask you to send funds, share wallet info, or join investment streams,” the RippleX team wrote. “Always verify information through Ripple and RippleXDev. Keep your XRP yours.”
The statement arrives at a time when XRP’s first US spot XRP ETF could go live today, which is likely to attract social engineering scams like those seen during “small victories” from Ripple’s legal tussle with the US Securities and Exchange Commission (SEC).
Ripple CEO Brad Garlinghouse has repeatedly warned investors of how scam attempts spike whenever XRP experiences major market moves or regulatory wins.
The most common form of fraud involves “send XRP, receive double the amount back,” but fraudsters now use advanced AI-powered deepfake tools to impersonate company executive Brad Garlinghouse.
In July, Cryptopolitan reported on a deepfake video circulated on social media, featuring an AI-generated version of Garlinghouse announcing a supposed “Ripple Rewards Program.” The video claimed that Ripple was distributing a 100 million XRP airdrop to thank supporters in celebration of its partial court victory against the SEC.
The clip, which originated from the verified X account tokenized real-world asset platform HoneyBee, displayed a fake Garlinghouse saying:
“Four years ago, we entered a battle we didn’t choose. But we fought and we won against the SEC. This is a victory for justice, innovation, and the future of crypto… Now it’s our turn to say thank you. I’m launching the Ripple Rewards program, a 100 million XRP airdrop pool created for you. Follow the instructions at financexrp.net. Thank you, XRP family. We did this together.”
Ripple’s chief technology officer David Schwartz called it an “obvious scam,” while the CEO himself shared a YouTube short insisting Ripple “will never ask you to send us XRP.”
Scam campaigns have followed Ripple’s legal journey closely since the company’s security vs commodity lawsuit with the SEC began in December 2020. Each time Ripple had a ruling in their favor, bad actors flooded social media platforms YouTube, X, and Facebook with fake airdrops, impersonation streams, and “exclusive offer” messages claiming to celebrate the win.
“A lot of scammers are taking advantage of the recent good news to try to cheat and steal,” Garlinghouse said after Ripple and the SEC agreed on a $50 million settlement to officially end the case. “There are no airdrops, giveaways, or special offers associated with this ruling.”
Crypto In America podcast host Eleanor Terret said late Wednesday that Tennessee-based financial firm Canary Funds had filed its Form 8-A with the US SEC for its spot XRP ETF.
“This is the final step before it goes effective at 5:30 PM ET Wednesday once Nasdaq certifies the listing,” she wrote on X. “When that happens, the last hurdle is cleared and the first XRP spot ETF will be set to launch Thursday at market open.”
Terrett clarified that the REXShares XRPR ETF, approved and listed in September, only offered partial spot XRP exposure under the Investment Company (‘40) Act but lacked the tax efficiency of a pure spot fund. CanaryFunds’ version, structured under the 1933 Securities Act, will reportedly provide 100% XRP exposure.
Nova Dius Wealth CEO Nate Geraci said Ripple has had a remarkable turnaround from last year’s legal uncertainty.
“Just over one year ago, the SEC was appealing a court decision that XRP did not meet the legal definition of a security. On Thursday, it looks like the first ‘33 Act spot XRP ETF will launch. Hard to describe the crypto regulatory shift over the past year night and day.”
As the ETF debut clock ticked, XRP’s price continued a pullback since Tuesday’s trading session, dropping 5.1% to $2.41 from $2.54. The decline stabilized between $2.39 and $2.43 as short-term buyers entered the market.
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Bitcoin (BTC)
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Ethereum (ETH) is down by 9.2%, now changing hands at $3,208. This, along with Lido Staked Ether (STETH), is the highest fall in the category.
Solana (SOL) is in in the second place, having dropped 8.6% to the price of $142.
The smallest fall is 2.3% by Tron (TRX), which now stands at $0.2927.
When it comes to the top 100 coins, only four are green. Among these, Zcash (ZEC) appreciated the most, rising to the price of $507.
Leo Token (LEO) follows with a 2% rise to $9.17.
On the other hand, three coins saw double-digit drops. Story (IP) fell 15%, now trading at $3.34.
It’s followed by Aave (AAVE)’s 13.6% and Hedera (HBAR)’s 10.4% to $185 and $0.1606, respectively.
‘Bitcoin Appears To Be Fighting One Battle After Another’
Nic Puckrin, crypto analyst and co-founder of The Coin Bureau, argues that the “crypto market has been struggling to regain momentum since October’s pandemonium.”
“Bitcoin appears to be fighting one battle after another, dragged down by US dollar strength and higher Treasury yields, long-term holders selling, and macro uncertainty,” he says.
Puckrin finds it “unsettling” to see crypto and tech stocks diverging when they typically move in lockstep. This dynamic shows that BTC “isn’t just a proxy for the Nasdaq.”
Rather, it’s more sensitive to macro headwinds and liquidity concerns and is “perfectly positioned to break out once those concerns dissipate.”
Notably, as the US re-opens and data starts flooding back in, “we may see the BTC price wobble over the coming weeks.”
The real test could be the interest rate decision in the US on 10 December. Still, “it remains likely that the news will be positive, which could set the stage for a Santa rally in crypto and other risk assets,” Puckrin concludes.
Moreover, Dom Harz, co-founder of BOB, commented on institutional involvement in BTC as the coin’s price drops below $100,000.
“Despite recent price movement, 2025 has been the year of institutional investment into digital assets, with institutions now holding over 4 million BTC,” Harz writes in an email commentary.
These institutions are “increasingly looking to store excess cash in DeFi vaults for higher-yield opportunities. These two movements are converging with Bitcoin DeFi; moving the world’s biggest digital asset beyond a store of value and into a yield-generating asset. “
He continues: “As this mainstream appetite for DeFi grows, serious technological advancements are unlocking Bitcoin’s utility. Key players in institutional crypto and Bitcoin DeFi adoption are opening up access to BTCFi, where institutions can leverage yield-bearing opportunities for their BTC holdings. Bitcoin DeFi is poised to be at the forefront of the global financial system – from Wall Street to Main Street.”
Levels & Events to Watch Next
At the time of writing on Friday morning, BTC fell below the $100,000 mark and to the $96,000 level, now standing at $97,033.
The coin has dropped from the intraday high of $103,737 to the low of $96,170. It’s now down 4.7% in a week, 13.7% in a month, and 22.9% from its all-time high.
We may see BTC pull back towards $94,500 and further towards the $90,000 level. A higher plunge could drag it lower. Conversely, if there is a change in course, the coin could climb back above $100,000 and move towards $103,000.Bitcoin Price Chart. Source: TradingView
Ethereum is currently changing hands at $3,208. It plunged from today’s high of $3,545 to the currently lowest point of $3,126.
Over this past week, it has been trading between $3,172 and $3,633. ETH is down 4.3% in a day, 22.2% in a month, and 35.1% from its ATH.
ETH may continue dropping today and over the next few days. Should that happen, it could retreat below the $3,000 level – far from the near-$5,000 zone where it stood just weeks ago. If there is a market rebound, the coin could return to the $3,500 territory and potentially $3,650.
Ethereum (ETH)
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Meanwhile, the crypto market sentiment has decreased again, holding firmly to the fear zone and moving to extreme fear. The crypto fear and greed index fell from 25 yesterday to 22 today.
Some investors are selling assets, driven by fear and worry over the continuously falling prices. If the market continues to ride this instability, it may decline further.
However, if assets are oversold, as high fear can sometimes indicate, the market could potentially see a rebound. Undervalued prices could also present a potential buying opportunity.Source: CoinMarketCap
ETFs See Significant Outflows
On Thursday, the US BTC spot exchange-traded funds (ETFs) recorded $869.86 million in outflows, the highest since February 2025 and the second-highest on record. The total net inflow is back down to $60.21 billion, but it still stands above $60 billion.
Ten of the 12 BTC ETFs recorded negative flows, and there were no positive flows. Grayscale let go of $256.64 million. It’s followed by BlackRock’s $256.64 million. One more triple-digit is $119.93 million by Fidelity.Source: SoSoValue
At the same time, the US ETH ETFs continued their outflow streak, recording another $259.72 million leaving on 13 November. The total net inflow pulled back to $13.31 billion.
Five of the nine funds recorded outflows. There were no positive flows. BlackRock is the reddest among these, letting go of $137.31 million. Grayscale follows with $67.91 in outflows.Source: SoSoValue
Meanwhile, Canary Capital’s XRPC, the first US spot exchange-traded fund offering direct exposure to XRP, made its debut on Thursday with $58 million in trading volume.
Such notable opening performance indicates that there is a rising institutional appetite for exposure to other major assets, besides BTC and ETH.
Quick FAQ
Why did crypto move against stocks today?
The crypto market has decreased again over the past day, and the stock market closed sharply lower on Thursday, dragged by technology shares. By the closing time on 13 November, the S&P 500 was down by 1.66%, the Nasdaq-100 decreased by 2.05%, and the Dow Jones Industrial Average fell by 1.65%.
Is this drop sustainable?
The market may see an extended downturn over the next few days as investors’ worries persist. However, should there be macroeconomic and/or geopolitical signals that would ease these concerns and reassure investors, the market could see a rebound.
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