Data from a number of blockchain trackers reveals that Coinbase has drastically reduce its XRP holdings, a transfer that has taken many crypto buyers abruptly. Analysts say such an enormous discount factors to massive outflows from institutional buyers, however others have gone additional by alleging manipulation. However, pro-XRP lawyer Bill Morgan has poured chilly water on these claims.
Rumors Of Coinbase Manipulation Swirl On X
US-based change Coinbase lately decreased its stash from greater than 780 million XRP to simply underneath 200 million in a matter of weeks. This interprets to a 69% discount within the change’s holdings for the reason that second quarter of 2025, together with a 57% plunge over the past month alone. The scale of the drawdown has additionally shifted Coinbase’s rating amongst change holders of XRP, sliding it from the fifth largest to barely within the high 10.
Related Reading
An account on the social media platform X, referred to as Stern Drew, recommended that Coinbase’s sell-offs go along with a deliberate technique to suppress XRP’s worth. In an in depth thread, the commentator claimed that almost 40% of the outflows had been routed via OTC desks tied to New York establishments and that the timing of the gross sales coincided with XRP worth dips in August.Â
According to the thread, greater than 70% of the quantity was unloaded throughout low-liquidity buying and selling hours, whereas fragmented routing throughout wallets masked the size of the gross sales. The thread even recommended that a number of the XRP ended up with BlackRock-linked custodial wallets, a transfer that additional factors to theories about institutional involvement.
Bill Morgan Pushes Back On Manipulation Claims
Bill Morgan was fast to reject the thought that Coinbase is actively manipulating XRP’s worth. In his view, the speculation overlooks the truth that XRP has exhibited the identical conduct all through its historical past, together with in the course of the lengthy stretch when Coinbase delisted the asset and had no obvious affect on its market exercise. Coinbase suspended XRP buying and selling in January 2021, but it surely wasn’t till July 2023 that the cryptocurrency began buying and selling once more on the US-based change.
“One heck of a concept about Coinbase being towards XRP,” he stated, earlier than noting that the token’s actions at this time are in keeping with its established developments. The suggestion of manipulation by Coinbase fails to carry up, as XRP’s worth motion seems extra reflective of broader crypto market motion than any deliberate suppression by the change.
XRP has been buying and selling inside a well-defined vary between $2.8 and $2.9 up to now seven days. Although it misplaced the $3 assist stage as August got here to an in depth, XRP has managed to carry above $2.8 since then, and this stage has up to now cushioned it from deeper losses.Â
Related Reading
On the upside, the $3.10 stage is the important resistance to look at. A decisive break above that barrier might shift momentum again in favor of the bulls. Until then, XRP’s worth is prone to proceed consolidating between $3.10 and $2.8.
At the time of writing, XRP is buying and selling at $2.82.
Featured picture from Unsplash, chart from TradingView
