Ripple update: Potential ETH price manipulation against XRP marketcap
I originally posted this in the daily discussion, but have since been messaged to create a post…
In brief, I have been keeping an eye on XRPs marketcap compared to ETH for some time.
Typically XRP would always be around half of whatever ETHs marketcap was, but XRP has been out performing ETH for some months now. Slowly getting to the stage of double the volume on a daily basis.
This swell of growth seemed to spark massive volatility in ETHs price margins, even when XRP seemed decoupled from Bitcoin and BTC was tanking.
Anyway… take a look at these graphs: http://imgur.com/a/rmJlbfH
I believe they are potential proof that ETH is being manipulated to stay above XRP. These two examples show that the 3/4 times XRP has flipped to 2nd, ETH has had a sudden price hike, although ETH volume has stayed consistent.
This suggests to me that ETH is purchasing large sums of their own coin and slowly dumping it back into the market over time. Possibly from multiple accounts to specifically target XRPs marketcap whenever there is a significant upturn.
It’s also worth noting that this data is no longer available. The first example (taken on the 21st) was removed from the charts in minutes. Livecoinwatch went offline and the chart had all price hikes removed. I watched this happen in real time.
This then happened again on the 30th and Coinmarketcap seems to have followed suite.
I don’t know what to make of this. I’m no ‘tin hat man’ conspiracist as another user joked, but to me this looks like price manipulation to keep XRP and potentially other coins from ETHs marketcap.
TLDR: u/bearableguy123 has suggested before that ETH, Coinmarketcap and Coinbase are all actively manipulating the market to keep XRP down. I believe my findings strengthen the possibility of this argument, while also questioning Livecoinwatchs statistics.
Edit: this post has now been removed from /ripple without explanation
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
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