"XRP's Price Range Hides a Battle Between Market Trust and Speculation"

Coinbase's recent sell-off of XRP has sparked speculation about potential market manipulation, with some in the crypto community suggesting the exchange is intentionally suppressing the token's price. An analysis of on-chain data by XRP community activist Stern Drew revealed that Coinbase's holdings of XRP fell from around 970 million in June to between 260 and 300 million by the end of August, a reduction of nearly 70% [4]. The same period also saw the number of XRP wallets linked to Coinbase decline from 52 to 16 [4]. Drew suggested that these sales were strategically timed to coincide with periods of low liquidity and were distributed across multiple wallets, potentially masking the full extent of the transaction [4]. Additionally, some of the XRP was reportedly routed through over-the-counter (OTC) desks affiliated with traditional financial institutions, which has led to further speculation about a coordinated effort to control the market [3].

The allegations have gained traction within the XRP community, with one individual creating an "XRP Suppression Index" that demonstrated a strong correlation—0.87—between XRP price caps and Coinbase's sell-offs [5]. However, these claims remain unsubstantiated, as Coinbase has not commented on the matter, and no formal investigations have been initiated [4]. Bill Morgan, a pro-XRP lawyer, dismissed the manipulation theory, emphasizing that XRP's price movements align with historical trends even during periods when Coinbase was not involved in the market for the token [5]. He noted that XRP's behavior since its relisting on Coinbase in July 2023 has followed typical patterns, with no evidence of artificial suppression [3]. Similarly, Ripple CTO David Schwartz reiterated that the price of XRP is influenced by broader market uncertainties, regulatory developments, and macroeconomic conditions [4].

Despite the controversy, XRP has remained within a defined trading range, fluctuating between $2.8 and $2.9 over the past week [3]. While it briefly dipped below the $3 level at the end of August, the token has since stabilized above $2.8 [3]. Analysts have pointed out that a breakout above $3.10 could signal renewed bullish momentum, but until that level is decisively breached, XRP is expected to continue consolidating within its current range [3]. On the technical front, the XRP futures market shows signs of increased activity, with Open Interest (OI) rising to $7.58 billion from $7.37 billion [2]. This increase suggests that traders are repositioning their leveraged positions, which could indicate a growing interest in XRP’s potential upward movement [2]. The futures funding rate has also climbed to 0.0083%, further supporting a bullish sentiment among derivatives traders [2].

The debate over Coinbase's role in XRP's price dynamics is taking place against a backdrop of broader developments in the crypto space. Ripple has confirmed that Maxwell Stein, BlackRock’s Digital Asset Director, will attend its Swell 2025 event, which is scheduled for November 4-5 in New York [5]. This involvement has heightened investor expectations for potential announcements or collaborations, even though an XRP ETF has not been officially on the agenda [5]. The event is expected to attract significant attention, with over 60 speakers, including Ripple CEO Brad Garlinghouse and Nasdaq CEO Adena Friedman, set to participate [5]. Such developments underscore the ongoing interest in XRP and its potential as a key player in the crypto ecosystem.

While the manipulation claims remain unproven, they highlight the sensitivity of the XRP market to institutional activities and the broader perception of market integrity. The discussions reflect the broader tension between decentralization and centralized control in the crypto space. As the market continues to evolve, XRP’s ability to break out of its current range and establish stronger bullish momentum will be a key indicator of its future trajectory. Investors are advised to remain cautious and to conduct thorough due diligence before making any investment decisions in light of the ongoing speculation and uncertainty [3].

Source:

[1] XRP Ripple Price Stalls While Traders Speculate Remittix Could Deliver the Breakout Altcoin Story (https://coincentral.com/xrp-ripple-price-stalls-while-traders-speculate-remittix-could-deliver-the-breakout-altcoin-story/)

[2] XRP bulls attempt breakout above $3 as traders reposition (https://www.fxstreet.com/cryptocurrencies/news/ripple-price-forecast-xrp-poised-for-23-move-eyeing-record-high-as-traders-reposition-202509081700)

[3] Pro-XRP Lawyer Says Claims Of Coinbase Manipulating XRP Price Are Baseless (https://www.mitrade.com/insights/news/live-news/article-3-1102380-20250908)

[4] Is Coinbase Manipulating the XRP Price? Ripple Officials and Experts Respond (https://www.mexc.com/en-GB/news/is-coinbase-manipulating-the-xrp-price-ripple-officials-and-experts-respond/87964)

[5] Coinbase's XRP Sell-Offs Fuel Manipulation Speculation (https://www.fxleaders.com/news/2025/09/07/coinbases-xrp-sell-offs-fuel-manipulation-speculation/)