Ripple News: Ripple Faces Accusations of Bot Manipulation, Yet XRP Price Remains Unaffected
Ripple Accused of Manipulating XRP Prices with Bots, XRP Continues to Surge
In a surprising turn of events, court documents have revealed new allegations against Ripple, claiming that the company used bots to manipulate XRP prices in 2015 and 2016. These allegations add another layer of complexity to the ongoing SEC v. Ripple lawsuit. The accusations suggest that Ripple orchestrated actions targeted at market maker GSR Markets, resulting in an impact on XRP prices during the mentioned years.
The allegations came to light through crypto researcher Darkhorse, who uncovered information from court documents. Darkhorse revealed the existence of specific bots, including the enigmatic “xrp 2t 6t bots,” and the involvement of GSR by Ripple in manipulating XRP prices. Notable figures such as Brad Garlinghouse and Chris Larsen are implicated in the alleged bot operations, although some details remain undisclosed in the public PDF.
As the SEC v. Ripple lawsuit faces delays, both parties have agreed to extend the deadline. Ripple has granted an extension for the regulator’s remedies-brief filing, allowing more time for the payment firm to present its opposing brief.
Despite the legal challenges, XRP’s price continues to climb, reaching $0.58 and potentially aiming for $0.64. Analysts attribute the altcoin’s resilience to market catalysts, particularly the surge of Bitcoin beyond $61,700.
Technical indicators, such as the Moving Average Convergence/Divergence (MACD) and the Awesome Oscillator (AO), support XRP’s ongoing gains, indicating the strength of the current upward trend. However, experts advise caution.
Experts warn that 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. Additionally, any disruption in Bitcoin’s upward trend poses a risk to XRP’s recent gains.
It is crucial to keep an eye on the 38.2% Fibonacci retracement level at $0.5446, as it serves as a significant support level amid the ever-changing dynamics of the market.
Despite these allegations and uncertainties, XRP continues to make waves in the cryptocurrency world, with its price showing impressive growth.