A renowned altcoin trader has launched a fresh attack on Ripple. The trader has made claims that the price of XRP is artificially high. Meaning, Ripple is guilty of manipulating the crypto market to favor its native token XRP.
The cryptocurrency trader has warned that other investors who have invested in XRP, could incur serious losses. He believes that the price of XRP could fall by 20% soon.
XRP (XRP) Price Today – XRP / USD
Ripple has Allegedly Manipulated XRP Price for Years
Per the report, it is understood that Peter Brandt, a renowned trader has launched an attack on Ripple in several tweets. Brandt, took to Twitter to accuse the issuer and parent company of XRP, of price manipulation. The XRP price has already dipped to its lowest point against Bitcoin in the last two years. While the XRP/USD pair is set for 11-month lows.
XRP’s Current $0.26 Price is Manipulated, Brandt Claims
According to Brandt, the price of Ripple’s XRP has been hugely manipulated over the years. Brandt is of the view that despite the fact that the XRP price is at a low point now, the coin’s current position of $0.26 came as a result of Ripple’s manipulation. The trader claims that Ripple manually intervened in the matter as opposed to popular sentiment that it was natural market forces.
Now Brandt has sounded a warning to traders that, Ripple’s XRP price could drop significantly shortly. He said if Ripple’s plan (price manipulation) ultimately fail, the network’s native token could shed at least 20% of its value. Brandt made these remarks under an XRP/USD chart:
“Is Ripple capable of initiating market manipulation? Will the network successfully keep XRP markets above $0.2400? Well, we can expect a serious price breakdown at this position and prices enter the $0.020725 area.”
XRP Has Not Had The Best Month
When Brandt was challenged about the way he attacked Ripple and his use of language, the trader defended himself. He went on to highlight recent sell-offs by some Ripple executives as evidence that XRP markets were strategically managed or manipulated. Separate data has shown that Ripple has sold more XRP tokens in 2019 than it did in any other time since its launch. Here is what Brandt added to his initial statement:
“I used the phrase ‘manipulate’ because that is exactly what Ripple is doing. They have been doing this since the introduction of XRP. The chart pattern has indicated the distribution of XRP token by Ripple for many months. Proving that it has manipulated the XRP price to hold support. However, if this support gives way, then XRP price will be forced to drop in a major way.”
Ripple has already been the center of attention in recent days. The network was once again in the spotlight this week following signs that United States regulators could become involved in an ongoing lawsuit deliberating on XRP’s status as a security. Although, in the United Kingdom, XRP has been formally recognized as a utility token.
United States lawsuit against Ripple drew fresh indications from the SEC (Securities and Exchange Commission), that the XRP cryptocurrency is a securities token going by local standards. Whether Brandt’s statement holds water or not remains to be seen. Many will likely see his statements as conspiracy theories. Although one constant thing is that XRP price is now in the red zone at press time.