Allegations of XRP price manipulation on the Coinbase exchange continue to spark active debates in the cryptocurrency community as activist Stern Drew presented data indicating a significant drop in XRP balance on the platform.
Decline of XRP Balance on Coinbase
Activist Stern Drew utilized the XRPScan platform to track changes in Coinbase's holdings. According to him, the exchange's XRP balance sharply fell from nearly one billion tokens in June to less than a third of that amount by late August. The number of wallets holding XRP on the platform also decreased from 52 to just 16. Drew suggests that these changes coincided with moments when XRP repeatedly failed to clear the $1.20 resistance level.
Analysts' and Ripple Supporters' Opinions
Experts' opinions on the matter are divided. Some analysts caution that on-chain movements alone cannot prove market manipulation. Exchanges frequently adjust wallet structures for liquidity purposes, and similar declines in holdings have been observed across other platforms. Ripple supporter Bill Morgan noted that XRP's price swings mirrored broader market trends.
Coinbase's Response and Market Position
Ripple's CTO, David Schwartz, also dismissed the idea of deliberate suppression. He emphasized that XRP's value continues to be shaped by external factors such as regulatory uncertainty and wider macroeconomic forces, not by behind-the-scenes maneuvers from a single exchange. As of now, Coinbase has not responded to the allegations, and regulators have not announced any inquiries.
The discussion around the allegations of XRP price manipulation highlights the enduring distrust some XRP advocates hold toward major U.S. exchanges and the challenges of interpreting blockchain data in an environment where perception often fuels speculation.
