Investigation into Accusations of Ripple’s XRP Price Surge Connected to Claims of Bot Manipulation
The recent controversy surrounding Ripple’s alleged use of bots to manipulate XRP prices has quickly gained attention, highlighting a potentially influential aspect of the cryptocurrency market.
The ongoing SEC v. Ripple lawsuit has further complicated XRP’s current rally, as court documents suggest that Ripple directed actions towards market maker GSR Markets, which had an impact on the altcoin’s prices between 2015 and 2016.
Crypto researcher Darkhorse recently revealed court documents that detail the alleged use of bots, specifically the “xrp 2t 6t bots,” and the employment of GSR by Ripple to manipulate XRP prices. The documents also suggest the involvement of bots operated by key figures, including Brad Garlinghouse and Chris Larsen, although the specifics have been redacted in the public pdf.
This revelation has added an intriguing layer to Ripple’s ongoing legal battle. The SEC v. Ripple lawsuit is expected to face further delays as both parties have agreed to an extension of the deadline. Ripple has acknowledged the regulator’s request for an extension in remedies-brief filing, allowing more time for the payment firm to submit its opposing brief.
Despite the legal challenges, XRP’s price has continued to rise, reaching $0.58 and aiming for $0.64. The altcoin’s resilience can be attributed to various market catalysts, with Bitcoin’s surge past $61,700 being a key driver.
Technical analysis supports the ongoing gains of XRP, with indicators such as the Moving Average Convergence/Divergence (MACD) and the Awesome Oscillator (AO) indicating that the uptrend remains intact.
However, caution is advised despite XRP’s bullish momentum. If XRP’s daily candlestick closes below the 50% retracement of its decline from its 2024 high at $0.5629, it could challenge the bullish thesis.
Furthermore, any disruption in Bitcoin’s uptrend poses a risk to XRP’s recent gains. The 38.2% Fibonacci retracement level at $0.5446 could provide potential support and should be closely monitored amidst evolving market dynamics.