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News - Ripple allegedly manipulated the XRP price
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03-03-20242 min read
Ripple allegedly manipulated the XRP price
Ripple (XRP)
Price update
Scams, crime and fraud
A serious accusation: a crypto analyst claims that Ripple manipulated the XRP price. Here are his arguments.
According to crypto analyst Darkhorse, Ripple allegedly influenced the XRP price in 2015 and 2016. Evidence of this could be found in court documents related to the SEC proceeding. According to these documents, Ripple instructed market maker GSR Markets to execute transactions using so-called "xrp 2t 6t bots." GSR allegedly bought XRP before the news and sold it again "once the rally was in full swing." This trading pattern appears to have been a repeated strategy, the report continues.
🤔🤔🤔 Unfortunately, it's a nice post that people are now just retweeting like crazy because it shows a narrative of Ripple increasing the price. The thing is.... you need to understand the play:
— ĐΛRKHØRSΞ™ (@DarkhorseDNME4) February 29, 2024
✴️ Using the below graph here is the play on News released by Ripple:
➡️ Ripple… https://t.co/nKIi2yPOnz pic.twitter.com/29dbEgtFF8
According to XRP community member Wrathof Kahneman, this was a measure to stabilize the XRP price. "Ripple used bots to stabilize and drive up the price in 2015/16," reads a post on X. Ripple has not yet published a statement on the specific allegations.
I make no claims about what has been said, but the doc describes the opposite of price suppression - Ripple was using bots to stabilize and boost price in 2015, '16. pic.twitter.com/ziIbPxnI0Y
— WrathofKahneman (@WKahneman) February 28, 2024
Ripple won only a partial victory in its lawsuit against the SEC in the summer of 2023. In late January of this year, the U.S. Securities and Exchange Commission tightened its requirements against the crypto project.
