XRP Could Fall 20% Says Trader Accusing Ripple of Manipulating Market

CoinTelegraph

Altcoin XRP has received fresh claims its price is artificially high as a well-known cryptocurrency trader warns of serious losses. 

Brandt: Ripple manipulated XRP for years

In a series of tweets Aug. 14, Peter Brandt accused the issuer and largest holder of XRP tokens, Ripple, of price manipulation. 

XRP had dropped to its lowest level against Bitcoin (BTC) in over two years, while XRP/USD circled 11-month lows.

For Brandt, however, even current levels of $0.26 are the result of manual intervention on the part of Ripple, and not natural market forces. Should the practice ultimately fail, the token could shed another 20%.

Binance Banner  

“Will Ripple be able to manipulate the market to keep $XRP above .2400? A serious breakdown at this level, and .020725 is in the cards,” he wrote in comments accompanying an XRP/USD price chart.

When challenged about his use of language, Brandt defended himself, referencing recent sell-offs by Ripple executives as proof markets were being strategically managed. Separate data had shown Ripple sold more XRP in 2019 than at any other time in history.

“I used ‘manipulate’ because it is exactly what Ripple has been doing since it introduced XRP,” he continued. In a further tweet, he wrote:

“The chart pattern for many, many months has shown the distribution of XRP by Ripple – it has manipulated the price to hold support. But if support gives way Ripple will be forced to dump in a major way.”

Watershed U.S. moment looms

Ripple was already at the center of attention this week amid signs United States regulators could soon become involved in a lawsuit relating to XRP’s status as a security. 

Coinbase Banner  

While the United Kingdom formally recognized XRP as a utility token, the U.S. lawsuit drew on fresh indications from the Securities and Exchange Commission, or SEC, that the cryptocurrency is indeed a security by local standards.

Go to Source
Author: William Suberg


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.