Ah, the XRP drama continues! In the latest gossip mill of the crypto world, a peculiar claim has emerged, accusing Coinbase of deliberately manipulating the price of XRP. Now, before you go grabbing your pitchforks, let’s unpack this theory, which suggests that Coinbase’s alleged shady dealings with XRP might be the reason behind the coin’s recent rollercoaster ride.
Who’s Behind This Wild Conspiracy?
The accuser, none other than the ever-vigilant Stern Drew, a self-proclaimed sleuth from the XRP community, decided to play detective. Armed with XRPScan and a relentless thirst for drama, Drew claims Coinbase’s actions are all too convenient, especially when it comes to those big sales of XRP that conveniently coincide with price dips. According to Drew, Coinbase slashed its XRP stash by a whopping 70%, neatly routing sales through various wallets during off-peak hours. Sounds like something straight out of a spy novel, doesn’t it?
As Drew puts it, these moves weren’t just coincidental, but rather part of an elaborate plot to suppress XRP’s price. All to benefit those Wall Street and BlackRock heavyweights lurking in the shadows. Hmm, the plot thickens.
The Grand Theory of Coinbase’s Price Manipulation
Drew’s conspiracy theory isn’t just some half-baked idea scribbled on a napkin. Oh no, it’s a well-structured theory with *several* juicy points. Let’s dive into the *details*:
- Tactical Selling – According to Drew, Coinbase isn’t just selling; oh no, they’re selling during those oh-so-convenient low-liquidity periods. It’s all about applying downward pressure on the price. Genius, right?
- Fragmented Wallets – They aren’t using a single wallet. Oh no, they’re using multiple wallets to *hide the evidence*, just like a criminal trying to cover their tracks.
- Price and Wallet Correlation – A neat little claim that there’s a solid 0.87 correlation between Coinbase’s XRP outflows and XRP’s struggles to break the $1.20 barrier. It’s like the two were made for each other.
- Institutional Interests – Drew speculates that Coinbase’s XRP is secretly heading towards OTC desks linked to financial institutions, meaning the rich get richer. Classic.
- Coinbase’s Motive – Drew’s got a theory here too: Coinbase might be protecting Ethereum (ETH) due to its cozy ties with the Ethereum Foundation. All in the name of traditional banking interests, of course.
The Hard Evidence: Fact or Fiction?
1. No Official Confirmation or Legal Findings
But wait! Before you start rallying outside Coinbase’s headquarters, remember this: no official body, be it a regulator or a court, has confirmed these allegations. Not even a peep from Coinbase. It’s almost like they’re too busy counting their dollars to address this little kerfuffle.
2. Coinbase’s XRP Holdings and Activity
Here’s a juicy tidbit: Coinbase reduced its XRP stash from 970 million tokens in June to somewhere between 260-300 million by August. Yes, that’s a 70% reduction. However, as boring as this sounds, such actions are pretty typical for big exchanges. You know, liquidity management and all that dull but necessary stuff.
3. XRP’s Price Action and the Bigger Picture
XRP has always had a wild ride, bouncing up and down like a rollercoaster. Institutional flows, regulatory drama, and the ever-changing market sentiment all play a part. But don’t be fooled-other exchanges and OTC desks also have similar transfer patterns. So, maybe it’s not just Coinbase after all?
Oh, and let’s not forget the wise words of attorney Bill Morgan, who reminded everyone that while Coinbase is no fan of XRP, the price action still behaves like it always has. Even when Coinbase had delisted XRP. Not exactly a smoking gun.
“One heck of a theory about Coinbase being against XRP. We all know Coinbase is no lover of XRP, but the problem with the theory is that XRP price action just seems to be behaving the same way as it has always behaved, including during the long period when Coinbase delisted XRP and could not have used sell-offs to manipulate the price.”
4. Ripple’s Take on the Allegations
Ripple’s CTO David Schwartz is having none of it. He’s flat out dismissed the allegations, insisting that market forces and the unpredictable regulatory environment are the true culprits behind XRP’s price dips. Well, that’s one way to put it.
Coinpedia’s Fact Check: The Final Verdict
| Claim | Coinpedia’s Evidence |
| Coinbase is manipulating XRP’s price. | No regulatory or legal proof; fragmented sales are common in crypto markets. |
| Sales were timed to suppress XRP around $1.20. | Data show correlation, but no proof of intent or coordination. |
| Coinbase reduced XRP holdings by 69-70%. | Verified via on-chain data; consistent with institutional liquidity management. |
The Final Word
| Claim | Verdict |
| Coinbase is manipulating the price of XRP through coordinated sell-offs and price suppression tactics. | False |
| Fact-Check by Coinpedia | While Coinbase has indeed reduced its XRP holdings significantly, and while the patterns of sales and transfers seem suspiciously fragmented during low liquidity periods, there’s no solid proof of deliberate manipulation or illegal price suppression. This claim is based more on speculation than on concrete evidence. |
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2025-09-06 11:13