Ripple News: Ripple Hit with Bot Manipulation Claims, But XRP Price Unfazed

Published by

Zameer Attar

February 29, 2024

In recent news, shocking allegations have emerged, claiming that Ripple used bots to manipulate XRP prices, adding a new layer of complexity to the ongoing SEC v. Ripple lawsuit. The accusations suggest that Ripple orchestrated actions directed at market maker GSR Markets, impacting XRP prices in 2015 and 2016.

Here’s what’s happening.

Ripple’s Bot Tactics Exposed?

Crypto researcher Darkhorse recently revealed details from court documents, uncovering the use of specific bots, including the mysterious “xrp 2t 6t bots,” and the employment of GSR by Ripple to manipulate XRP prices. Key figures, such as Brad Garlinghouse and Chris Larsen, are implicated in the alleged bot operations, though some specifics remain undisclosed in the public PDF.

The SEC v. Ripple lawsuit is set to face delays, with both parties agreeing to extend the deadline. Ripple has granted an extension for the regulator’s remedies-brief filing, providing additional time for the payment firm to present its opposing brief.

Ripple Stands Strong

Despite the legal challenges, XRP’s price continues its upward trajectory, reaching $0.58 and eyeing $0.64. Analysts attribute the altcoin’s resilience to market catalysts, particularly Bitcoin’s surge beyond $61,700.

Also Read: Ripple vs. SEC Heats Up: California Lawsuit Adds Fuel to XRP Price Uncertainty

Technical Indicators to Note

Technical indicators, including the Moving Average Convergence/Divergence (MACD) and the Awesome Oscillator (AO), support XRP’s ongoing gains, signaling the strength of the current uptrend. However, caution is advised.

Experts warn that a daily candlestick close below the 50% retracement of XRP’s decline from its 2024 high at $0.5629 could challenge the bullish thesis. Additionally, any disruption in Bitcoin’s uptrend poses a risk to XRP’s recent gains.

Keep an eye on the 38.2% Fibonacci retracement level at $0.5446, a crucial support level amid the ever-evolving market dynamics.

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.