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- Coinbase lawyer rejects XRP suppression claims amid rising whale concerns.
- Whale transfers worth billions spark fresh debate over XRP stability.
- Analysts highlight bullish patterns despite community fears of manipulation.
Coinbase’s XRP holdings have come under sharp scrutiny after reports suggested a reduction of nearly 69 percent in recent weeks. Statistics showed that the wallets in the exchange fell to approximately 780 million tokens in comparison to 199 million tokens.
Speculation intensified as investors launched an XRP Suppression Index that tied sell-offs to Coinbase. The index argued that there was a 0.87 relationship between the dips in prices and the exchange’s activities, which is of concern to the community.
Also Read: Whales Scoop $229M in Ethereum as Exchange Balances Hit Historic Lows
Coinbase Lawyer Pushes Back Against Allegations
Coinbase attorney Bill Morgan answered the charges but also expressed frustration and denied suppression theories. He stressed that the price trends of XRP were not altered even when Coinbase delisted the asset.
https://twitter.com/Belisarius2020/status/1964095556701343752
Morgan’s assessment of the market’s behavior is in line with XRP’s history. He demanded that there be no evidence of Coinbase’s active mission to create negative trends.
Whale Transfers Fuel Market Tension
Concerns deepened when Whale Alert tracked a massive transfer of 35,122,576 XRP worth nearly $99 million into Coinbase. The relocation came as two larger trades of more than 494 million XRP worth over $1.35 billion.
Ripple also escrowed 1 billion XRP, which indicated more sweeping supply changes. The whales’ activities caused worries of further negative pressure on the token.
Market Outlook Remains Divided
The community members do not relax, but Coinbase’s actions can be viewed as a potential danger. Nevertheless, observers are patient as they point out the repetitive nature of XRP’s price cycles.
Controversial as it is, analysts believe that support levels are high and usual stages of consolidation will result in strong rallies. The net long-term bullish sentiment prevails.
The attorney of Coinbase has refuted the allegations of manipulation, arguing that the behavior of the market is historical. As the action around whale transfers has been highlighted, the future of XRP is closely monitored.
Also Read: Hackers Use Ethereum Smart Contracts to Bypass Detection in npm Packages!
