o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

XRP Could Fall 20%, Says Trader Accusing Ripple of Manipulating Market

Posted on August 15, 2019 by nbelov

Peter Brandt joins critics of the third-largest altcoin, which currently trades at two-year lows against Bitcoin.

Altcoin XRP has received fresh claims its price is artificially high as a well-known cryptocurrency trader warns of serious losses. 

Brandt: Ripple manipulated XRP for years

In a series of tweets Aug. 14, Peter Brandt accused the issuer and largest holder of XRP tokens, Ripple, of price manipulation. 

XRP had dropped to its lowest level against Bitcoin (BTC) in over two years, while XRP/USD circled 11-month lows.

For Brandt, however, even current levels of $0.26 are the result of manual intervention on the part of Ripple, and not natural market forces. Should the practice ultimately fail, the token could shed another 20%.

“Will Ripple be able to manipulate the market to keep $XRP above .2400? A serious breakdown at this level, and .020725 is in the cards,” he wrote in comments accompanying an XRP/USD price chart.

When challenged about his use of language, Brandt defended himself, referencing recent sell-offs by Ripple executives as proof markets were being strategically managed. Separate data had shown Ripple sold more XRP in 2019 than at any other time in history.

“I used ‘manipulate’ because it is exactly what Ripple has been doing since it introduced XRP,” he continued. In a further tweet, he wrote:

“The chart pattern for many, many months has shown the distribution of XRP by Ripple – it has manipulated the price to hold support. But if support gives way Ripple will be forced to dump in a major way.”

Watershed U.S. moment looms

Ripple was already at the center of attention this week amid signs United States regulators could soon become involved in a lawsuit relating to XRP’s status as a security. 

While the United Kingdom formally recognized XRP as a utility token, the U.S. lawsuit drew on fresh indications from the Securities and Exchange Commission, or SEC, that the cryptocurrency is indeed a security by local standards.

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • ‘Extreme fear’ grips Bitcoin price, but analysts point to signs of a potential reversal May 25, 2022
  • Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable May 25, 2022
  • Terra to Restart Luna Blockchain, Abandon UST Stablecoin – PYMNTS.com May 25, 2022
  • Bad News for Google…Good News for Presearch, Its Blockchain Rival – InvestorPlace May 25, 2022
  • Polkadot parachains spike after the launch of a $250M aUSD stablecoin fund May 25, 2022
  • Brazil's Federal Revenue now requires citizens to pay taxes on like-kind crypto trades May 25, 2022
  • Binance signs MOU with Kazakhstan to further crypto adoption and regulation May 25, 2022
  • Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB May 25, 2022
  • Public Blockchain Technology in Energy Market Size, Scope, Forecast to 2028 Keyplayers | Ibm, Microsoft, Accenture, Consensys, Infosys – The Daily Vale – The Daily Vale May 25, 2022
  • JPMorgan places BTC fair price at $38k, declares crypto a preferred alternative asset May 25, 2022
  • Ni No Kuni: Cross Worlds Contains Blockchain Integration; NFTs Arriving Quarter 4 2022 – Noisy Pixel May 25, 2022
  • Bitcoin creeps toward $30K, but data shows bears in favor for Friday’s $1.8B BTC options expiry May 25, 2022
  • Tracking music royalties is hard, but is blockchain really the answer? – hypebot.com May 25, 2022
  • Scott Minerd says Bitcoin price will drop to $8K, but technical analysis says otherwise May 25, 2022
  • Meter aims to navigate the multiverse of blockchain ecosystem with Sumer.money – VentureBeat May 25, 2022
  • Market Demand of Blockchain Technology in Transportation and Logistics Market with COVID19 Impact and Emerging Trends by Industry Players-2022 – The Daily Vale – The Daily Vale May 25, 2022
  • Andreessen Horowitz closes $4.5 billion crypto fund amid market turmoil May 25, 2022
  • Blockchain In Banking And Financial Services Market Size, Share, Trends, Current and Future Analysis 2022-2029 | Microsoft, Intel, IBM, R3, … – The Daily Vale – The Daily Vale May 25, 2022
  • Tax guidelines for crypto mining pass the first reading in Kazakhstan May 25, 2022
  • Blockchain and Tokenization in Commercial Real Estate – Bisnow May 25, 2022
  • PYMNTS Blockchain Basics Series: What’s Bitcoin, and How Did It Get That Way? – PYMNTS.com May 25, 2022
  • Kongregate and Immutable X launch $40M blockchain game dev fund – VentureBeat May 25, 2022
  • Cryptopedia: Learn the concepts behind stablecoins and how they work May 25, 2022
  • Blockchain Technology In Financial Market would Register a Healthy Growth of USD 49.93 billion by 2027 :IBM, Microsoft, Accenture, AlphaPoint, ConsenSys, Digital Asset, EquiChain, Infosys, R3CEV – The Daily Vale – The Daily Vale May 25, 2022
  • Singapore venture firm launches $100M Web3 and metaverse fund May 25, 2022
  • Blockmate launches blockchain IoT platform Hivello & Webinar registration – GlobeNewswire May 25, 2022
  • Crypto is changing how humanitarian agencies deliver aid and services May 25, 2022
  • GPU prices are still on a decline: Is Bitcoin’s sorrow gamers’ joy? May 25, 2022
  • StarkWare nets $100M as investors bank on layer-2 success May 25, 2022
  • Terra Will Launch a Spin-Off Blockchain This Friday – Crypto Briefing May 25, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com