XRP Price Manipulated? Crypto Pundits Alarmed By Market Patterns
28 November 2023 - 12:00AM
NEWSBTC
The XRP community is abuzz with discussions of potential price
manipulation. This debate is fueled by observations from key
figures from the XRP army, who are raising concerns over unusual
price patterns despite significant developments. XRP Price
Manipulation: The Initial Spark Edward Farina, XRP Healthcare’s
Head of Social Adoption, first brought this issue to light. He
pointed out that despite Ripple’s consistent flow of positive news
and developments over the past year, the price of XRP has remained
relatively unmoved. Farina compared this stagnancy to the price
behaviors of other cryptocurrencies, which he notes often
experience price surges on the back of less impactful news. His
statement via X was unequivocal: “So Ripple has [had] major
excellent news for the past 12 months and the price of XRP hasn’t
budged an inch. Any useless coin as soon as it has a crappy
partnership goes up in price. And you still believe the price of
XRP isn’t manipulated?” Related Reading: Whales Move $30 Million
Worth Of XRP To Exchanges – Time To Sell? The influencer known as
WallStreetBulls added to the debate by highlighting recent abrupt
changes in the XRP price. He specifically referred to a rapid
increase and subsequent decline yesterday, which he alleges was a
manipulative pump-and-dump scheme, leading to significant profits
for certain players. He stated, “[Yesterday’s] rapid pump and dump
of XRP, which resulted in a minimum profit of around $5 million for
some, highlights the effectiveness of quick market movements and
manipulation for substantial gains.” The crypto pundit further
alleges a systematic suppression of XRP’s price. He pointed to an
incident where a rumor about a Blackrock ETP correlated with a
sudden rise in the XRP price to $0.75, followed by a drop to $0.58,
and then a stabilization at $0.60 to $0.62, NewsBTC reported. He
interprets this as evidence of deliberate market manipulation by
entities with significant financial resources. Related Reading: XRP
Price Could Hit $10,000 If It Overtakes SWIFT, Pundit Suggests
Previously, in an October 9 post, WallStreetBulls had raised
similar concerns, suggesting that a small fraction of “wealthy
elites” and “major bankers” were manipulating the market. He
claimed that these groups, known for manipulating markets like
gold, are now targeting XRP. “There’s a significant market
manipulation underway, and it appears that the 0.01% wealthy elite
and major bankers are at the helm of it!” the analyst claimed.
Despite XRP’s regulatory clarity, especially following a court
victory against the SEC, he believes it’s facing undue negative
pressure in the market. He also accused several media outlets of
launching attacks on XRP, presumably to diminish its value and
credibility. Dissenting Voices And The Need For Proof It is
important to note that not everyone in the XRP community is
agreeing with this view. Crypto analyst Jaydee offered a different
perspective in October, suggesting that recent price movements were
part of a predictable short-term technical correction rather than
evidence of manipulation. “Manipulation? Brotha, we knew this short
term correction was coming weeks ago? how does he have all these
followers,” he remarked. Moreover, it is crucial to underline that,
to date, there is no concrete evidence to substantiate these claims
of market manipulation. The inherent volatility of the crypto
market leads to price fluctuations, which various factors such as
investor sentiment, market trends, and global economic conditions
directly influence. As the debate continues, it’s imperative for
investors and observers to critically evaluate these claims. At
press time, XRP traded at $0.6024. Featured image from
Shutterstock, chart from TradingView.com
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