Pro-XRP Lawyer Says Claims Of Coinbase | Crypto News
Data from a number of blockchain trackers reveals that Coinbase has drastically cut its XRP holdings, a transfer that has taken many crypto traders by shock. Analysts say such a big discount factors to large outflows from institutional traders, but others have gone additional by alleging manipulation. However, pro-XRP lawyer Bill Morgan has poured cold water on these claims.
Rumors Of Coinbase Manipulation Swirl On X
US-based exchange Coinbase not too long ago lowered its stash from more than 780 million XRP to just under 200 million in a matter of weeks. This interprets to a 69% discount in the exchange’s holdings since the second quarter of 2025, including a 57% plunge over the last month alone. The scale of the drawdown has also shifted Coinbase’s rating among exchange holders of XRP, sliding it from the fifth largest to barely in the top 10.
An account on the social media platform X, identified as Stern Drew, prompt that Coinbase’s sell-offs go with a deliberate strategy to suppress XRP’s price. In a detailed thread, the commentator claimed that practically 40% of the outflows had been routed through OTC desks tied to New York establishments and that the timing of the gross sales coincided with XRP price dips in August.
According to the thread, more than 70% of the amount was unloaded during low-liquidity trading hours, while fragmented routing across wallets masked the dimensions of the gross sales. The thread even prompt that some of the XRP ended up with BlackRock-linked custodial wallets, a transfer that additional factors to theories about institutional involvement.
Bill Morgan Pushes Back On Manipulation Claims
Bill Morgan was fast to reject the concept that Coinbase is actively manipulating XRP’s price. In his view, the idea overlooks the fact that XRP has exhibited the same conduct throughout its historical past, including during the long stretch when Coinbase delisted the asset and had no obvious affect on its market exercise. Coinbase suspended XRP trading in January 2021, but it wasn’t until July 2023 that the cryptocurrency began trading again on the US-based exchange.
“One heck of a theory about Coinbase being against XRP,” he said, before noting that the token’s actions today are constant with its established trends. The suggestion of manipulation by Coinbase fails to maintain up, as XRP’s price motion seems more reflective of broader crypto market motion than any deliberate suppression by the exchange.
XRP has been trading within a well-defined vary between $2.8 and $2.9 in the past seven days. Although it misplaced the $3 assist degree as August got here to a close, XRP has managed to maintain above $2.8 since then, and this degree has so far cushioned it from deeper losses.
On the upside, the $3.10 degree is the vital resistance to watch. A decisive break above that barrier may shift momentum back in favor of the bulls. Until then, XRP’s price is probably going to continue consolidating between $3.10 and $2.8.
At the time of writing, XRP is trading at $2.82.
Featured image from Unsplash, chart from TradingView
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