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Alleged Coinbase reduced XRP holdings 69% with a 0.87 correlative to price caps.
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Bill Morgan, a lawyer, disputes the alleged manipulation of XRP by stating that it follows typical market trends.
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XRP remains above the $2.65 support level; a breakout over $3.10 would confirm a bullish trend.
In the crypto community, speculation is growing that Coinbase could be manipulating the XRP price. The speculation intensified when an investor claimed that on-chain data showed Coinbase had reduced its XRP holdings from 780 million tokens down to 199 million tokens in recent weeks. This is a massive 69% decrease. XRP supporters presented an “XRP Suppression Index” which showed a strong correlation of 0.87 between Coinbase’s sales and XRP prices caps.
Lawyer Responds to Manipulation Claims
Bill Morgan, a pro-XRP lawyer, acknowledged frustration over these claims but disputed the theory.
Morgan said, “One heckuva theory about Coinbase’s opposition to XRP.” We all know Coinbase is not a fan of XRP. But Morgan said that this idea is flawed because XRP’s prices have moved in their usual pattern even when Coinbase delisted the token.
He wrote: “We know that Coinbase does not like XRP. But the problem with this theory is that XRP’s price action seems to be acting the same as it always has,” he said.
Understanding XRP Price Behaviour
XRP is still moving within a larger bullish pattern, but the pullback which began in July was deeper and longer than many expected.
Is XRP price repeating past patterns?
According to one analyst, XRP still follows the same structure as it did during its 2017 bullrun. According to an analyst, although the current pullback appears deep and messy, it has not broken any important support levels.
Analyst: “After this consolidation, we will see a parabolic rally to $4.50 or higher.”
Important Levels To Watch
The price is holding up above $2.65 with a stronger support between $2.65 to $2.21. As long as XRP remains above this zone, a bullish setup is still intact.
On the upside, a strong resistance is located near $3.10 where several trendlines and previous swing-highs converge. A clear breakout above the zone would be a sign of a new trend.
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