In a recent development, a crypto analyst has warned of the possibility that the XRP may be manipulated as the discussion around the token’s value and future trajectory continues to heat up, especially in the wake of Ripple’s second victory against the US Securities and Exchange Commission (SEC).
“Significant Market Manipulation” On The Horizon
In a tweet shared on their X (formerly Twitter) page, crypto analyst Wall Street Bulls warned XRP holders about a “significant market manipulation”. They suggested that the “0.01% wealthy elite and major bankers” may be behind such acts.
The author of the tweet made this claim while sharing a price chart of XRP, which showed that the token had suffered a massive decline from a high of $0.8, which it achieved back in July following Judge Analisa Torres’ ruling that Ripple’s programmatic sales and other distributions didn’t constitute investment contracts.
Urgent Alert!
Attention #XRP holders! There’s a significant market manipulation underway, and it appears that the 0.01% wealthy elite and major bankers are at the helm of it!
Manipulation Insight: These financial powerhouses, historically known for manipulating… pic.twitter.com/YStUevS4vc
— WallStreetBulls (@w_thejazz) October 9, 2023
Providing more insight into the alleged market manipulation, Wall Street Bulls stated that the financial powerhouses (which they claim are known for historically manipulating assets like gold) are also supposedly “suppressing” the value of XRP. According to the author, this is evident in the fact that the token is still facing “undue negative pressure in the market” despite regulatory clarity.
This belief seems to stem from the fact that many had projected XRP to see new highs following Judge Torres’ ruling in favor of Ripple against the SEC. As such, with this not happening, some might assume that there may be external factors (like market manipulation) in play, which may be the reason for the token’s rather lukewarm price movement.
Media’s Role In The Manipulation
The crypto analyst also highlighted the role of several media outlets in manipulating XRP’s price. They noted that, in serving the interests of the elites, the media platforms have “consistently” launched “unwarranted attacks on XRP” in a bid to control the narrative of the token and its ecosystem.
As to why the elites may be manipulating the market, the analyst stated that they want to accumulate more XRP at lower prices by forcing holders to dump their tokens, possibly out of FUD.
However, Wall Street Bulls advised individual investors to hold firm and stay informed as it is “crucial” for them to be aware of these manipulative tactics. According to them, the token has the potential to “generate substantial wealth for holders in the long term, not just for the elite but for everyone.”
Others in the XRP community have also argued that the asset has become more valuable despite the token’s current price. Meanwhile, the long-term outlook for the token among many crypto analysts seems to be bullish despite some predicting that XRP holders may experience more pain before the token experiences a massive rally.