Cryptocurrency markets often operate with limited transparency. This makes it difficult to assess whether prices fully reflect genuine supply and demand.
Grape (@RealGrapedrop), a validator on the XRP Ledger (XRPL), has recently presented data questioning the authenticity of the asset’s price movements.
By running an active validator and analyzing transaction data directly from the ledger, Grape identified patterns of repeated large XRP transfers that suggest potential price manipulation.
Tracking Large Transfers on the Ledger
Since July 12, Grape has been operating one of approximately 150 to 170 active validators on the XRPL mainnet, out of about 1,000 nodes worldwide. Leveraging this position, Grape revealed that he created a Python-based system to flag all payments exceeding 10,000 XRP.
The XRP ecosystem has seen notable whale activity in recent months. The results revealed multiple large transfers routinely occurring every few minutes, some ranging into the hundreds of thousands of XRP. According to Grape, these appear far too frequent and large to be typical retail trading.
🧐 XRP Forensics: Price Manipulation in Plain Sight?
If anyone has been following me you probably know I started running an XRPL Validator since July 12, 2025, and what I’m seeing is…shocking.
This isn’t conspiracy talk — I have live transaction data that might prove how the… pic.twitter.com/la5QZglNVd
— 𝐆𝐫𝐚𝐩𝐞 (@RealGrapedrop) August 12, 2025
Impact on Market Metrics and Evidence of Exchange Transfers
Grape noted that this phenomenon matters because XRP price indexes and market caps rely on volume-weighted averages. Repeated large transactions moving XRP between exchange wallets without genuine trade (resembling wash trading) inflate volume metrics.
While rapidly increasing trading volume is often a positive sign, wash trading can distort price indexes and market cap figures, creating a false sense of demand. According to the validator, such activity “can nudge price indexes” and mislead traders and algorithmic participants.
Grape supported his findings with XRPL Console screenshots showing XRP payments to Bitget and Binance exchange wallets. These examples indicate flagged volume is mostly between exchange-controlled addresses rather than independent traders. The frequency and scale suggest a repeated, coordinated movement rather than genuine market activity.
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Broader Market Effects and Ongoing Monitoring
Wash trading is a widely used tactic for market manipulation, as it can create an illusion of demand, influencing sentiment and triggering bots reacting to volume spikes. This distorts price stability and misleads participants in largely unregulated crypto markets.
Grape highlighted that while wash trading is banned in regulated markets, enforcement gaps in crypto allow such practices to persist, raising fairness concerns for XRP stakeholders.
He plans to keep logging and analyzing large XRP transactions to expose potential manipulation. He stressed that “data doesn’t lie” and encouraged the community to monitor repeated transfers between exchange wallets that inflate volume.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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