Investing.com – Ripple has been suspected of manipulating the price of XRP for some time. Even within his own community, opinions differ on the purpose of the company’s dealings.
But while speculation is rife around the fiat accounts on which more than 43 billion XRP are based, everything seems to be perfectly transparent. Twitter account (NYSE:) Mr. Huber revealed that all purchases and sales made by the company can be viewed from the API with just a week’s delay.
In times of poor market conditions and falling prices, the company appears as a buyer on the secondary market. When the prices go up, the XRP are on the other hand sold, which naturally slows down the rally. This is also the case now.
Huber finds that XRP sales by Ripple are currently four times higher than the average for the past two years.
Ripple also makes no secret of its secondary market activities, as written in the 2022 Q3 report. is increasing and that XRP transactions only take place in this context.
Mr. Huber concludes that Ripple is not about manipulation and speculative profits. According to him, the transactions serve to stabilize the price.
Ripple price technical benchmarks
Ripple is currently up +0.65% with a price at $0.3907, while the weekly gain stands at +7.49%.
The cryptocurrency is holding above the 23.6% Fibo retracement at $0.3864, where recent gains are consolidated.
If the support at the 23.6% Fibo retracement weakens sustainably, focus will shift to the 38.2% Fibo retracement at $0.3728. Below that, the next support is the 50% Fibo retracement at $0.3618. This is reinforced by the 20-day MA which is at 0.3587 dollars.
As long as trade is above the moving average, the immediate outlook remains positive. If the high of $0.4085 is sustainably breached, an extension of the upside move towards the 123.6% Fibo extension at $0.4305 is possible. Beyond that, the next target would be the 138.2% Fibo extension at $0.4441.
By Marco Oehrl