Information from a number of blockchain trackers reveals that Coinbase has drastically lower its XRP holdings, a transfer that has taken many crypto traders unexpectedly. Analysts say such a huge reduction factors to massive outflows from institutional traders, however others have gone additional by alleging manipulation. Nevertheless, pro-XRP lawyer Bill Morgan has poured chilly water on these claims.
Rumors Of Coinbase Manipulation Swirl On X
US-based change Coinbase recently reduced its stash from greater than 780 million XRP to simply beneath 200 million in a matter of weeks. This interprets to a 69% discount within the change’s holdings for the reason that second quarter of 2025, together with a 57% plunge during the last month alone. The size of the drawdown has additionally shifted Coinbase’s rating amongst change holders of XRP, sliding it from the fifth largest to barely within the prime 10.
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An account on the social media platform X, often called Stern Drew, suggested that Coinbase’s sell-offs go along with a deliberate technique to suppress XRP’s worth. In an in depth thread, the commentator claimed that almost 40% of the outflows had been routed by way of OTC desks tied to New York establishments and that the timing of the gross sales coincided with XRP worth dips in August.
In line with the thread, greater than 70% of the quantity was unloaded throughout low-liquidity buying and selling hours, whereas fragmented routing throughout wallets masked the dimensions of the gross sales. The thread even urged that a few of the XRP ended up with BlackRock-linked custodial wallets, a transfer that additional factors to theories about institutional involvement.
Invoice Morgan Pushes Again On Manipulation Claims
Invoice Morgan was quick to reject the idea that Coinbase is actively manipulating XRP’s worth. In his view, the speculation overlooks the truth that XRP has exhibited the identical conduct all through its historical past, together with in the course of the lengthy stretch when Coinbase delisted the asset and had no obvious affect on its market exercise. Coinbase suspended XRP buying and selling in January 2021, but it surely wasn’t till July 2023 that the cryptocurrency began buying and selling once more on the US-based change.
“One heck of a idea about Coinbase being in opposition to XRP,” he stated, earlier than noting that the token’s actions at present are in step with its established traits. The suggestion of manipulation by Coinbase fails to carry up, as XRP’s worth motion seems extra reflective of broader crypto market motion than any deliberate suppression by the change.
XRP has been buying and selling inside a well-defined vary between $2.8 and $2.9 prior to now seven days. Though it lost the $3 support level as August got here to a detailed, XRP has managed to carry above $2.8 since then, and this stage has to date cushioned it from deeper losses.
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On the upside, the $3.10 stage is the important resistance to look at. A decisive break above that barrier might shift momentum again in favor of the bulls. Till then, XRP’s worth is prone to continue consolidating between $3.10 and $2.8.
On the time of writing, XRP is buying and selling at $2.82.
Featured picture from Unsplash, chart from TradingView
