In recent events, allegations surrounding Ripple’s use of bots to manipulate XRP prices have spread like wildfire, shedding light on a potentially influential aspect of the crypto market.
The unfolding SEC v. Ripple lawsuit adds complexity to XRP’s current rally, as court documents suggest directed actions by Ripple to market maker GSR Markets, impacting the altcoin’s prices during 2015 and 2016.
Allegations and Discovery
Crypto researcher Darkhorse recently shared a revelation about court documents detailing the alleged use of bots, particularly the “xrp 2t 6t bots,” and the employment of GSR by Ripple to manipulate XRP prices. The documents also imply the involvement of bots operated by key figures, including those attributed to Brad Garlinghouse and Chris Larsen.
While the specifics have been struck black in the public pdf, this revelation has added a layer of intrigue to Ripple’s ongoing legal battle.
The SEC v. Ripple lawsuit is anticipated to witness further delays in its resolution as both parties have agreed to a deadline extension. The regulator’s request for an extension in remedies-brief filing has been acknowledged by Ripple, providing more time for the payment firm to submit its opposing brief.
Market Response and Technical Analysis
Despite the legal turmoil, XRP’s price continued its upward trajectory, reaching $0.58 and targeting $0.64. The altcoin’s resilience is attributed to catalysts in the market, with Bitcoin’s surge past $61,700 considered a key driver.
Technical indicators, including the Moving Average Convergence/Divergence (MACD) and the Awesome Oscillator (AO), support XRP’s ongoing gains, suggesting the uptrend remains intact.
While XRP maintains its bullish momentum, caution is advised. 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 interruption in Bitcoin’s uptrend poses a risk to XRP’s recent gains. Potential support lies at the 38.2% Fibonacci retracement level at $0.5446, serving as a crucial level to monitor amid evolving market dynamics.
