Pro-XRP Lawyer Dismisses Claims of Coinbase Manipulating XRP Price
Recently, Coinbase's significant reduction in its XRP holdings has sparked considerable market debate. While some analysts view this move as indicative of large outflows from institutional investors, others have raised allegations of price manipulation. Pro-XRP lawyer Bill Morgan has strongly refuted these claims.
Key Points
- Coinbase’s XRP holdings were reduced from over 780 million to under 200 million, a 69% decrease.
- Claims circulating on social media allege that Coinbase's sell-offs are strategically aimed at suppressing XRP’s price.
- Bill Morgan argues that XRP's price behavior is consistent with its historical trends, not influenced by Coinbase's actions.
- XRP has been trading within a range of $2.8 to $2.9, with $3.10 as a critical resistance level.
- Investors should focus on broader market trends rather than isolated actions from exchanges.
In-Depth Analysis
Coinbase's drastic cutback on its XRP holdings has drawn significant market attention. Over just a few weeks, the exchange's holdings plummeted from over 780 million to below 200 million, significantly affecting its ranking among XRP holders from fifth place to just outside the top ten. While some analysts suggest this could signify outflows from institutional investors, rumors of price manipulation have also surfaced on social media.Bill Morgan refutes the idea that Coinbase's sell-offs have directly impacted XRP's price. He points out that XRP has experienced similar price fluctuations in the past, particularly during the period when Coinbase suspended XRP trading in 2021, which did not show any significant market activity influence from the exchange. Thus, the notion of Coinbase deliberately manipulating XRP prices lacks substantial grounds.