Ripple Accused of Manipulating XRP Price with Large Transfers
Ripple, the largest holder of XRP, has faced criticism for allegedly manipulating the price of the cryptocurrency through large coin sales. Recently, a transfer of 60 million XRP tokens from Ripple to an unknown wallet address raised concerns about market manipulation. The recipient wallet now holds over 138 million XRP, with 80 million received from Ripple in February. These actions have led to accusations that Ripple is intentionally suppressing the price of XRP.
Debates Over Programmatic Sales
In addition to the recent transfer, debates have resurfaced regarding Ripple’s programmatic sales of XRP. In 2017, Ripple allegedly delivered XRP to market makers for the purpose of market sales, resulting in price suppression. Recent accusations suggest that Ripple has been using bots to execute programmatic sales to exchanges.
Ripple CTO Denies Price Manipulation
Ripple CTO David Schwartz addressed rumors of price manipulation on social media. He clarified that Ripple has discontinued programmatic sales and now only sells its holdings through ODL transactions. However, concerns about the recent large transfers from Ripple to unknown wallets remain unanswered.
Hot Take: XRP Price Remains Stable Despite Manipulation Claims
Despite allegations of market manipulation, XRP’s price remains relatively stable. At the time of writing, it is trading at $0.5463, down by 0.50% in the past 24 hours but still maintaining a modest 2% gain in a 30-day timeframe. Large amounts of XRP leaving private wallets for crypto exchanges have been observed recently, indicating potential selloffs.
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