- Coinbase lawyer rejects XRP manipulation claims amid investor sell-off worries.
- Whale transfers millions in XRP, fueling community concerns over price.
- Analysts see XRP repeating 2017 patterns despite heavy market pressure.
Speculation around XRP’s market performance has intensified after claims that Coinbase reduced its XRP holdings by nearly 69%. On-chain data showed a steep decline in the number of tokens, according to one investor, to a mere 199 million in recent weeks, down from approximately 780 million tokens.
The assertion prompted proposals that Coinbase was censoring the growth of XRP, and the corpus coined an XRP Suppression Index with a 0.87 correlation between capped-price sell-offs and Coinbase.
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Attorney Pushes Back Against Manipulation Theory
Coinbase’s position was further discussed when Coinbase lawyer Bill Morgan addressed the claims. He acknowledged community frustration but rejected the idea that Coinbase is actively suppressing XRP.
Morgan explained that the token’s price has consistently behaved in the same way, including during the period when Coinbase delisted XRP and had no market involvement. In his words, nothing suggests the exchange is driving current trends..
Analysts See XRP Following Historical Pattern
Besides the legal perspective, market analysts point out that XRP remains within a larger bullish setup despite a messy pullback. One analyst noted similarities to XRP’s 2017 bull run, stressing that no primary support levels have been broken. By this opinion, the correction phase could be prepositioning another powerful rally.
Support remains intact above $2.65, with a stronger zone between $2.65 and $2.21 providing a safety net. The next important resistance is noted to be around $3.10, as several technical levels converge at that point. Breaking out at this point might represent a tipping point.
Large Whale Transfers Heighten Concerns
A significant transfer of 35,122,576 XRP valued at roughly $99 million was recently moved to Coinbase. Whale Alert monitored the transfer of an unknown wallet, which sparked controversy because it also coincided with other giant transfers at the start of September.
Whale Alert also reported a pair of huge trades of over 494 million XRP valued at over $1.35 billion between unknown wallets. This coincided with Ripple escrowing 1 billion XRP, which is part of a broader supply shift. As XRP surges to $2.84, analysts have warned that a surge in exchange inflows might exert negative pressure on the price of the token.
Community Reaction and Market Outlook
The XRP community continues to watch developments closely, interpreting Coinbase’s reported moves as a potential threat. However, experts emphasize that the evidence is not conclusive and that XRP’s tendency to repeat past patterns should not be overlooked. Consolidation phases have often preceded rallies, suggesting that patience may be required.
Coinbase has denied any suggestion of manipulation, while XRP continues to trade within familiar structures. The debate remains alive, but market analysts maintain that support levels are holding and the long-term bullish outlook is still intact.
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