- The XRP ecosystem is one of the most active in crypto with new projects and partnerships every other day, but why is the price not catching up with the less-active cryptos?
- Some analysts believe that the could be sinister forces at play that have been suppressing the price of XRP, arguing that any other token would have shot up after the positive recent developments.
Do you ever wonder why the price of XRP stays stuck in the same range all the time despite all the positive news, developments, legal wins and partnerships in the space? Do you ever feel like there could be forces that are set against the success of XRP and are hell-bent on restraining its progress? Well, you’re not alone.
Some prominent members of the XRP community have been raising similar concerns on social media amid the token’s lacklustre performance this year. One of the voices raising concerns about the price is Edward Farina, the head of the Alpha Husky Club, one of the big NFT projects on the XRP ledger (XRPL).
Farina raised concerns about the relative lack of price movement with XRP despite “Ripple having major excellent news for the past 12 months.”
He posted:
Any useless coin as soon as it has a crappy partnership goes up in price. And you still believe the price of XRP isn’t manipulated?
Over the past 12 months, Ripple has gone from the underdog in its case against the SEC to the landslide favourite, The blockchain payments company has notched critical victories against the regulator in court this year. This includes a July ruling by Judge Analisa Torres that the company didn’t violate any securities laws by selling its XRP tokens on public exchanges.
Ripple has also announced several important partnerships in that time. This includes joining hands with Uphold to open up $5 billion in liquidity; with Onafriq for a cross-border payments platform between Africa and the rest of the world; the acquisitions of Metaco and Fortress Trust; tie-ups with major global banks like Standard Chartered and much more.
Any other token would have skyrocketed if it had registered as many wins this year, but why hasn’t XRP?
Is XRP Price Being Manipulated?
Farina was joined by several others who share his views that there are some parties out to ensure XRP doesn’t record major gains. After all, some like Dogecoin and Shiba Inu recorded monstrous gains on the back of pure speculation—remember this guy who turned an $8,000 investment in SHIB into $5.7 billion in 2021?
But why hasn’t XRP recorded these kinds of gains despite having real-world adoption and use cases, unlike the meme coins?
One XRP enthusiast opined:
The essence is that they keep suppressing XRP’s price by shorting it and manipulating the market.
“Despite major partnerships or events, the price remains stagnant. However, a single rumour about a Blackrock ETP caused a sudden surge to 75 cents followed by a drop to 58 cents, then stabilized at 60-62 cents. This indicates deliberate market manipulation using their significant financial resources,” he added.
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