XRP Faces Volatility: Is Market Manipulation Behind the Drop?

XRP has faced a challenging two weeks, with its price falling by 7% to a low of about $0.50 before partially recovering to $0.54.

This recent price fluctuation has fueled speculation in the crypto community. Some analysts believe that the negative sentiment surrounding XRP could be a tactic used by influential figures to manipulate the market.

The idea is that spreading fear, uncertainty, and doubt (FUD) could discourage individual investors from buying XRP at lower prices, thereby allowing larger players to acquire it more cheaply.

XRP has long been subject to various concerns, including allegations of price manipulation and legal troubles. Additionally, there are ongoing debates about the potential effects of Ripple’s stablecoin (RLUSD).

Despite these issues, major institutions continue to show interest in XRP, partly due to Ripple’s partnerships with entities like the IMF and the UN.

Analyst Steph remains optimistic about XRP’s prospects. They highlight a potential bullish pattern on the daily chart known as the inverted Head and Shoulders. If XRP surpasses the $0.65 mark, this could signal a trend reversal and a potential price surge up to $1.11, representing a 106% increase from its current value.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.