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Ripple: Coinbase Allegedly Manipulated XRP Holdings
The XRP community has accused Coinbase of manipulating the price of XRP by shifting its holdings and selling them during periods of low liquidity. According to XRP supporter Stern Drew, Coinbase's XRP holdings plummeted from nearly one billion tokens in June to less than a third by the end of August. Additionally, the number of wallets holding XRP decreased from 52 to 16, suggesting a strategic move to sell XRP at lower prices to institutional investors through OTC desks.
“COINBASE IS MANIPULATING XRP. XRPScan data shows Coinbase cut its stash from 780M → 199M XRP in weeks – a 69% slash.”
Experts caution that on-chain data alone cannot prove market manipulation, as exchanges regularly adjust their wallet structures for liquidity reasons. Ripple attorney Bill Morgan pointed out that XRP price fluctuations are common across the market, especially when Coinbase previously delisted the token. Ripple's CTO David Schwartz dismissed the manipulation claims as unfounded, stating that XRP's price is influenced by regulatory uncertainty and macroeconomic factors, not by the actions of individual exchanges. Coinbase has not yet commented on the allegations, and regulatory authorities have not initiated any investigations.
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Key Takeaway: The XRP community is concerned about potential manipulation by Coinbase, with significant changes in XRP holdings and wallet numbers raising questions about market integrity.
XRP Price Struggles Around $3.30 – Ripple Targets SWIFT
XRP is currently stabilizing at $2.82, with traders speculating on a potential breakout above $3.30. Ripple aims to enhance its payment solutions, offering faster transactions and lower costs as a serious alternative to SWIFT. The recent price action shows that buyers are defending the $2.82 level, despite a recent four percent decline.
Technical analysis indicates a breakout potential, with a rise above $2.88 possibly paving the way to $3.30, and even $4.00 with additional momentum. On-chain data reveals that whales have accumulated 340 million XRP, while over 3.5 billion XRP remain on exchanges, indicating a contrasting market dynamic.
Key Takeaway: XRP is at a critical juncture, with technical indicators suggesting a potential breakout, while regulatory clarity following the SEC lawsuit enhances investor confidence.
XRP Accumulation at Record Highs: Is a Price Comeback Imminent?
Investors are accumulating XRP at unprecedented levels, with approximately 1.7 million tokens purchased in the last month. Currently trading at $2.83, XRP is just below the $2.85 resistance level, which, if surpassed, could lead to further gains towards $2.95 and $3.07. However, an increased NVT ratio suggests a potential short-term overvaluation, posing risks of a pullback to $2.73 or $2.64.
The recent accumulation reflects investor optimism about XRP's recovery potential, despite broader market uncertainties. The NVT ratio's rise indicates that XRP's network valuation is outpacing its transaction activity, which historically can signal a cooling of accumulation momentum.
Key Takeaway: XRP's accumulation surge suggests strong investor confidence, but rising NVT ratios may indicate potential price corrections in the near term.
XRP Dominates Korean Cryptocurrency Trading as Investors Favor Altcoins
South Korea has emerged as a leading cryptocurrency market, with traders increasingly shifting their focus from Bitcoin to altcoins. Data from analyst Cyclop shows that XRP holds a significant 29% share of the trading volume on Upbit, the country's largest exchange, highlighting a unique trading preference in Korea. In contrast, Bitcoin's share on Upbit lags behind, underscoring the distinct trading behavior of Korean investors.
This trend diverges from global platforms like Binance, where Bitcoin and Ethereum dominate trading volumes. XRP's strong performance in Korea indicates a growing interest in altcoins, which often leads to rapid price increases for various assets.
Key Takeaway: XRP's dominance in the Korean market reflects a broader trend of altcoin preference among investors, contrasting with global trading patterns.
Sources:
- Ripple: Coinbase soll XRP-Bestände manipuliert haben
- XRP Kurs kämpft um 3,30 US-Dollar – Ripple visiert SWIFT an
- XRP: Der Kampf ums globale Geld – Ripple fordert SWIFT heraus
- XRP: Der Kampf ums globale Geld – Ripple fordert SWIFT heraus
- XRP-Sammlung auf Rekordhoch: Kurs vor Comeback?
- XRP dominiert den koreanischen Kryptowährungshandel, da Investoren Altcoins gegenüber Bitcoin bevorzugen
