Grapedrop, a validator on the XRP Ledger (XRPL), has issued a warning regarding potential price manipulation of XRP. This alert comes as the community was beginning to feel a sense of stability following the recent SEC lawsuit developments. The source reports that such manipulations could undermine the progress made in the market.
Substantial Transfers Identified
Using a custom Python tool, Grapedrop identified substantial transfers associated with the cryptocurrency exchange Bitget and other platforms. These findings suggest that there may be coordinated efforts to influence the price of XRP, raising concerns among investors and stakeholders in the ecosystem.
Critical Timing for XRP Community
The timing of this revelation is particularly critical, as many in the XRP community were optimistic about the future following a period of uncertainty. Grapedrop's findings could lead to increased scrutiny of trading practices on these platforms as the community seeks to protect the integrity of XRP amidst ongoing regulatory challenges.
Following Grapedrop's warning about potential price manipulation of XRP, the cryptocurrency has recently dropped below a crucial support level of 21. This downturn raises concerns among investors, as detailed in the full report.
