According to CoinMarketCap data, XRP has decreased by more than 3% over the previous week as it trades below the $0.5 level. In the midst of XRP’s negative performance, contentious discussions about market manipulation of XRP have emerged in the crypto community.
The affluent elite, according to XRP influencer WallStreetBulls (WSB), are allegedly the ones manipulating the price of XRP. This claim was made in a recent tweet by WSB. He claims that although they only make up 0.01% of market participants, they are important bankers.
The financial behemoths that have a history of manipulating assets like gold are allegedly now putting pressure on the price of XRP, as noted by WSB. He noted that despite XRP’s recent legal victory over the SEC, which gave it regulatory clarity, manipulation continues to occur. The tweet further charged that some media sites were acting in these elites’ best interests by routinely making unjustified assaults against XRP in an effort to devalue it and damage its reputation with the broader public.
Additionally, WSB recommended XRP investors to maintain their vigilance and awareness of these claimed deceptive strategies, as well as to prevent selling their assets at a loss. But not everyone agreed with WSB’s viewpoint. The charges of manipulation were met with skepticism by JD, a well-known crypto chart analyst, who asserted that the short-term correction was expected weeks before.
The idea of manipulation was also downplayed by an X user, who also claimed that significant bankers and the so-called “wealthy elite” were unconcerned with XRP. The commenter demanded sources and hard data to back up such assertions.
Another cryptocurrency specialist also denied the claims, indicating that WSB lacked the technical analysis expertise necessary to comprehend market dynamics.
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