Prominent figures in the XRP community have recently argued the presence of deliberate suppression of XRP as the digital asset fails to move significantly despite climactic developments.
Edward Farina, Manager at Alpha Husky Club and XRP Healthcare’s Head of Social Adoption, sparked conversations about XRP’s lackluster performance amid the successive streak of pivotal developments.
In a recent tweet, Farina highlighted that Ripple’s payment firm has had numerous noteworthy developments in the last 12 months. According to him, despite the weight of the news that has emanated from Ripple throughout the lengthy period, XRP’s price has barely “budged an inch.”
So @Ripple has major excellent news for the past 12 months and the price of $XRP hasn't budged an inch.
Any useless coin as soon as it has a crappy partnership goes up in price. And you still believe the price of $XRP isn't manipulated?
— EDO FARINA ? XRP (@edward_farina) November 26, 2023
In parallel, he argued that while XRP has failed to experience a sustained bullish market, it appears to be a different case for other less significant cryptocurrencies.
Specifically, Farina claimed that seemingly insignificant projects experience a surge in their price upon securing subpar partnerships. Based on his observed turnout, he concluded the price of XRP suffers manipulation.
XRP Price Manipulation?
Farina’s assertion sparked varied responses within the crypto community. Some individuals challenged him to offer insights into the specific quarters responsible for the alleged manipulation.
In the last 24 hours, XRP has decreased from $0.6356 to $0.6042, approximately 5% crash. Based on this turnout, U.S.-based XRP influencer with X username “WallStreetBulls” (WSB) argued that the sharp rise and fall was an example of XRP price manipulation.
Moreover, he claimed the event has “resulted in a minimum profit of around $5 million for some.” However, another X user contended the claim, noting that such a minimal price change does not constitute “pump and dump.”
Meanwhile, WSB further highlighted a more pronounced recent rise and fall in XRP price to bolster the view that XRP was indeed suffering from price suppression. Like Farina, WSB mentioned that XRP has remained stagnant despite significant partnerships and events.
On the other hand, he cited that a rumor regarding a Blackrock XRP exchange-traded fund (ETF) sparked a sudden surge to $0.73, only to drop back down to around $0.6 within minutes.
“This indicates deliberate market manipulation using their significant financial resources,” WSB submitted.
‼️‼️??VERY IMPORTANT ALERT: To #XRPCommunity : The essence is that they keep suppressing XRP's price by shorting it and manipulating the market. Despite major partnerships or events, the price remains stagnant. However, a single rumor about a Blackrock ETP caused a sudden surge… https://t.co/W3jIjpjogu
— WallStreetBulls (@w_thejazz) November 26, 2023
It is worth mentioning that XRP has reached a high of $0.93 following a U.S. court ruling that the digital asset is not a security. However, XRP has since lost all the gains from that development.
At press time, XRP trades at $0.6075 with a 51.6% positive growth over the past year.