Index Investing News
Saturday, May 24, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Ripple Used Bots To Manipulate XRP Price: Court Docs

by Index Investing News
February 29, 2024
in Cryptocurrency
Reading Time: 3 mins read
A A
0
Home Cryptocurrency
Share on FacebookShare on Twitter


Allegations have emerged suggesting that Ripple may have used automated bots to manipulate the price of XRP. These claims are based on documents shared by crypto researcher Darkhorse, shedding light on the intricate strategies employed to influence XRP’s market value during 2015 and 2016.

Has Ripple Manipulated The XRP Price?

The court documents, part of the ongoing SEC vs. Ripple lawsuit, suggest that the company directed market maker GSR Markets to execute transactions that impacted XRP prices. Specifically, these documents detail the operation of “xrp 2t 6t bots” and outline how GSR was tasked with buying and selling XRP to affect its price, including actions attributed to bots operated by notable figures within the company, such as CEO Brad Garlinghouse and co-founder Chris Larsen.

🫡🫡🫡 For all those who want to know how the xrp 2t 6t bots were used and GSR was employed to sell and buy and the effects on the price, I finally found the document that explains it all. Including Brad and Chrises bots.
Apologies for the delay. https://t.co/DIEsbtn6Jq pic.twitter.com/kj4WRvbnX8

— ĐΛRKHØRSΞ™ (@DarkhorseDNME4) February 28, 2024

According to screenshots shared by Darkhorse, a graph labeled “figure 6 – Net XRP Sales vs. Price of XRP” from the court documents indicates a direct correlation between net XRP sold by GSR and the XRP/USD price movements. The graph, sourced from GSR’s Excel Export covering 2014-2016, reveals strategic pauses in XRP sales during significant price declines, followed by resumed sales upon receiving specific targets or approvals from Ripple.

Darkhorse elaborates on the tactics used, explaining, “Ripple tells GSR they are about to drop some news so to not look suspicious GSR buys XRP creating a price rally themselves…once the rally goes into full swing…GSR starts selling those bought XRP and Ripples XRP into the rally.” This pattern of buying to stimulate FOMO (Fear Of Missing Out) among retail investors and then selling into the generated rally appears to have been a repeated strategy.

Respected XRP community member Wrathof Kahneman commented on the revelations, emphasizing that the documents describe actions aimed at stabilizing and boosting XRP’s price rather than suppressing it. “I make no claims about what has been said, but the doc describes the opposite of price suppression – Ripple was using bots to stabilize and boost price in 2015, ’16,” Kahneman remarked.

Ripple has yet to respond publicly to these specific allegations. The unfolding situation raises questions about the transparency and fairness of the XRP market, with potential consequences for investor trust. Previously, Ripple CTO David Schwartz has denied any XRP price manipulation.

The implications of these allegations are profound. Ripple’s ongoing legal battle with the SEC adds another layer of complexity to the case. The lawsuit, which already promises further delays, is expected to start with the remedies phase in the upcoming weeks. As Bitcoinist reported, the SEC filed a request on February 27, 2024, seeking to postpone the submission deadlines for the briefs concerning the remedies phase.

In detail, the SEC wishes to extend its deadline for the submission of the opening brief related to remedies from March 13 to March 22, 2024. As a result, the new timeline would adjust Ripple’s deadline to submit its counter brief from April 12 to April 22, 2024, and would also push back the SEC’s deadline to file its response brief from April 29 to May 6, 2024.

At press time, XRP traded at $0.60.

XRP price, 1-day chart | Source: XRPUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com





Source link

Tags: botscourtdocsManipulatepriceRippleXRP
ShareTweetShareShare
Previous Post

Marcus Rashford delivers powerful response to his critics

Next Post

Ex-U.S. diplomat Victor Manuel Rocha admits to secretly working as Cuban agent for decades

Related Posts

Chinese language Automotive Agency Reveals Twin-Observe Plan to Purchase 1,000 Bitcoins Over Subsequent Yr

Chinese language Automotive Agency Reveals Twin-Observe Plan to Purchase 1,000 Bitcoins Over Subsequent Yr

by Index Investing News
May 24, 2025
0

Jiuzi Holdings, Inc. plans to amass 1,000 bitcoins over the approaching 12 months by means of a mix of recent...

Extra crypto companies to return?

Extra crypto companies to return?

by Index Investing News
May 24, 2025
0

This previous week, Coinbase joined the S&P 500, one of many world’s most elite inventory indexes — a triumph for...

Bitcoin Value Enters fifth Wave After Decline, Eyes Stronger Breakout Rally

Bitcoin Value Enters fifth Wave After Decline, Eyes Stronger Breakout Rally

by Index Investing News
May 24, 2025
0

Trusted Editorial content material, reviewed by main trade consultants and seasoned editors. Advert Disclosure Crypto analyst CrediBULL Crypto has commented...

Elon Musk’s Tesla Nonetheless Bullish On Bitcoin, Holds .25B BTC

Elon Musk’s Tesla Nonetheless Bullish On Bitcoin, Holds $1.25B BTC

by Index Investing News
May 23, 2025
0

Blockchain analytics platform Arkham Intelligence has revealed that Tesla Inc.’s Bitcoin (BTC) holdings are actually value round $1.25 billion. With...

Tron community strengthens world fee infrastructure as Bridge, a Stripe firm, expands integration

Tron community strengthens world fee infrastructure as Bridge, a Stripe firm, expands integration

by Index Investing News
May 24, 2025
0

Share this text Geneva, Switzerland, Might 23, 2025 –  TRON DAO, the community-governed DAO devoted to accelerating the decentralization of...

Next Post
Ex-U.S. diplomat Victor Manuel Rocha admits to secretly working as Cuban agent for decades

Ex-U.S. diplomat Victor Manuel Rocha admits to secretly working as Cuban agent for decades

He Tested His 0,000 Budget All Over New York: Would It Be Williamsburg, Hell’s Kitchen or the South Bronx?

He Tested His $450,000 Budget All Over New York: Would It Be Williamsburg, Hell’s Kitchen or the South Bronx?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Deadpool 3 director Shawn Levy confirms Logan is still canon

Deadpool 3 director Shawn Levy confirms Logan is still canon

November 1, 2023
See The Stars Who Contracted COVID-19 – Hollywood Life

See The Stars Who Contracted COVID-19 – Hollywood Life

August 1, 2022
Carlo Ancelotti criticises new Champions League format

Carlo Ancelotti criticises new Champions League format

January 30, 2025
Is Liverpool vs Newcastle on TV? Kick-off time, channel and how to watch the Premier League fixture

Is Liverpool vs Newcastle on TV? Kick-off time, channel and how to watch the Premier League fixture

January 1, 2024
G20 Adopts Global Roadmap to Regulate Crypto Assets

G20 Adopts Global Roadmap to Regulate Crypto Assets

October 13, 2023
Volatility in market is different from volatile business: 5 large cap stocks with upside potential ranging from just 2% upto 46%

Volatility in market is different from volatile business: 5 large cap stocks with upside potential ranging from just 2% upto 46%

March 16, 2024
Finest Workout routines for Ski Season

Finest Workout routines for Ski Season

September 19, 2024
India kicks off a large Hindu pageant touted because the world’s largest spiritual gathering

India kicks off a large Hindu pageant touted because the world’s largest spiritual gathering

January 13, 2025
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In