XRP Price Manipulation Allegations Raised by John Deaton

XRP Price Surge and Allegations

John E. Deaton, founder of CryptoLaw, suggests a deliberate effort to manipulate XRP’s market price. His assertion follows a tweet by Blockchain Daily about an unconfirmed meeting between Ripple and the SEC. This news coincided with a 0.20% increase in XRP's market value, sparking speculations of orchestrated market movements.

Ripple vs SEC Case Update

The tweet claimed Ripple and the SEC would hold an undisclosed meeting, which Deaton questioned. He argued that such meetings could happen anytime without prior disclosure. He emphasized that settlements typically occur post-judgment, potentially offering a face-saving resolution for the SEC if Ripple secures a significant legal victory.

Deaton's Skepticism

Deaton expressed skepticism about the authenticity of the reported meeting. He doubts SEC Chair Gary Gensler would agree to classify XRP differently from other tokens, given ongoing challenges against Coinbase and similar entities. Deaton speculated that any such leaks could be a tactical move to influence XRP's market value.

Market Implications

Deaton’s comments hint at possible market manipulation or insider trading attempts. He believes genuine meetings would occur privately, with outcomes only disclosed post-agreement. Despite the market buzz, XRP’s value remained relatively stable, noted at $0.465240 with minor fluctuations.

In summary, John Deaton's allegations highlight concerns over potential market manipulation amid the ongoing legal battle between Ripple and the SEC, urging caution among investors regarding speculative information.