XRP Could Fall 20% Says Trader Accusing Ripple of Manipulating Market
William Suberg's original article for cointelegraph.com reduced by 59%
Altcoin XRP has received fresh claims its price is artificially high as a well-known cryptocurrency trader warns of serious losses. 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 in over two years, while XRP/USD circled 11-month lows. 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.
Separate data had shown Ripple sold more XRP in 2019 than at any other time in history. "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." 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.
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