The XRP community is currently engaged in discussions surrounding potential price manipulation, sparking concerns among prominent figures within the XRP community. This dialogue is instigated by key members of the XRP army who are questioning the unusual price patterns despite significant developments in the XRP ecosystem.
XRP Price Manipulation: Unveiling the Issue
Edward Farina, Head of Social Adoption at XRP Healthcare, initially brought attention to this matter. He noted that despite Ripple consistently sharing positive news and making significant developments over the past year, the price of XRP has shown minimal movement.
Farina compared this lack of movement to other cryptocurrencies that often experience price surges following less impactful news. He expressed his viewpoint unequivocally, stating, “Ripple has had major excellent news for the past 12 months, and the price of XRP hasn’t moved an inch. Any worthless coin, once it has a subpar partnership, goes up in price. Do you still believe the price of XRP isn’t manipulated?”
Adding to the conversation, the influencer WallStreetBulls drew attention to recent abrupt changes in XRP’s price. He specifically highlighted a rapid increase and subsequent decline, alleging it was a manipulative pump-and-dump scheme, resulting in substantial profits for certain participants.
He emphasized, “[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.” WallStreetBulls also suggested a systematic suppression of XRP’s price, citing an incident where a rumor about a Blackrock ETP correlated with a sudden rise and subsequent stabilization of the XRP price.
In a previous post on October 9, WallStreetBulls had expressed similar concerns, suggesting that a small group of “wealthy elites” and “major bankers” were manipulating the market, drawing parallels to their activities in other markets like gold.
Despite XRP’s regulatory clarity, especially following a legal victory against the SEC, WallStreetBulls believes it is facing unwarranted negative pressure in the market. He also accused certain media outlets of launching attacks on XRP, potentially aiming to diminish its value and credibility.
Dissenting Opinions and the Call for Evidence
It’s essential to acknowledge that not everyone within the XRP community shares this perspective. Crypto analyst Jaydee provided an alternative viewpoint in October, suggesting that recent price movements were part of a predictable short-term technical correction rather than evidence of manipulation. He questioned the assertion of manipulation, stating, “Manipulation? Brotha, we knew this short-term correction was coming weeks ago. How does he have all these followers?”
Importantly, as of now, there is no concrete evidence to substantiate claims of market manipulation. The inherent volatility of the crypto market results in price fluctuations influenced by factors such as investor sentiment, market trends, and global economic conditions. As the discussion unfolds, it is crucial for investors and observers to critically assess these claims.
As of the latest update, XRP is trading at $0.6024.
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