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Ripple Executive Denies Bribing Coinbase For XRP Listing; Should You Believe It?

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Miguel Vias, the head of XRP markets at Ripple, denied allegations of paying off Coinbase to list XRP on their cryptocurrency exchange.

The response followed a series of bribery accusations shot towards Coinbase after its sudden announcement of adding XRP trading pairs to its platform on Feb 26. In contrast, the US exchange had earlier remained cautious of the said listing. As many speculate, Coinbase’s careful approach was due to XRP’s controversial history with Ripple Labs, a San Francisco startup that owns 60% of XRP – a stock worth billions of dollars.

What also concerned the company was a pending $167.7 million class-action lawsuit against Ripple which would determine whether or not XRP is a security asset.

However, all the genuine concerns Coinbase had were washed aside almost too suddenly, at least according to Allistair Milne.

The CIO of Altana Digital Currency Fund reached Coinbase’s communications’ director, Elliott Suthers via an email with a set of interrogative questions. He asked Suthers whether or not Coinbase sought the permission of either the Securities and Exchange Commission (SEC) or Commodity and Futures Trading Commission (CFTC) before offering XRP to the public. Milne also asked whether there was a private deal between Coinbase and Ripple for listing XRP pairs.

According to a screenshot published February 26, Suthers told Milne that Coinbase was happy to discuss his questions “off the record.” Milne took the response as a piece of evidence proving that Ripple had bribed Coinbase.

“You god damn right they did,” Milne hashtagged.

Vias: XRP Not Our Token

Miguel Vias contradicted Milne’s statement in a February 28 tweet. He clarified that Ripple didn’t pay Coinbase anything to make the XRP listing happen. Vias also claimed that XRP was not their token.

The “not our token” theory signified that Ripple, as a company, didn’t issue XRP tokens.

Ripple had faced a lot of flack for holding a majority of XRP stakes. In response, the company decided to lock their 55 billion XRP tokens away from themselves – in a cryptographic escrow account. The time-based smart contracts would release 1 billion XRP on the 1st of every month. At the end of each month, Ripple would place the remaining unused tokens into a new escrow account set to expire in another 55 months from creation.

Still, Ripple had a say when it came to distributing XRP tokens.

On October 13, 2017, Ripple launched a RippleNet accelerator program to increase the “XRP utility.” The company allocated a $300 million XRP fund from its escrow holdings and declared that it would reward those financial institutions with XRP that test RippleNet payment framework. As a result, Ripple was able to attract partnerships from mainstream financial firms.

“This rebate — available in XRP or USD — is designed to accelerate adoption and usage of Ripple solutions.” the post read.

Incentivization, or free distributions, became one of the significant tools for Ripple to boost XRP adoption. And a Bloomberg report published in April 2018 revealed the same.

The $100 Million Incentive?

Bloomberg reported that Ripple had suggested paying financial incentives to crypto exchanges Gemini and Coinbase for XRP listing. In Coinbase’s case, Ripple had allegedly offered to lend $100 million in XRP to start letting its users trade the token. The firm had reportedly made a similar offer to Gemini – albeit amounting to $1 million.

Milne reiterated his accusation with the Bloomberg article. He asked Vias whether Ripple and Coinbase exchanged any assets in over the past 12 months or more. Milne also found it hard to believe that Coinbase, a company embroiled in multi-lawsuit accusations of insider trading surrounding its Bitcoin Cash listing, didn’t take a single penny but yet listed XRP.

The Coinbase Nostalgia

On December 19, 2017, Coinbase had made a surprise announcement that it was adding Bitcoin Cash trading option to its platform. Earlier, the company had refused to list the said crypto asset, so the u-turn took the trading community by surprise. Indeed, the price of Bitcoin Cash surged on the news within minutes, reaching as high as $1,000. In response, Coinbase canceled and all the further BCH trades citing liquidity issues.

According to Jeffery Berk, the primary plaintiff in the lawsuit filed May 2018, insiders were able to flood GDAX – a crypto trading platform owned by Coinbase – with BCH orders soon after the news went public. Coinbase, based on an internal investigation’s outcome, claimed that no such Bitcoin Cash insider trading took place.

 

Why would a regulated exchange risk its neck to list unproven securities? The jury is still out.

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Ripple Price Analysis: XRP Lost Critical 5000 SAT Support Area – What’s Next?

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Ripple’s XRP has seen a price decline totaling 6% over the past 24 hours of trading, bringing the current price for the coin down to around $0.3754 at press time. The cryptocurrency has lost a further 16% over the past 7 trading days.

This price drop largely is due to the retracement seen in Bitcoin, although XRP also has seen difficulty when priced against Bitcoin.

XRP currently is ranked in 3d place amongst the top cryptocurrency projects by market cap value, holding a $15.89 billion market cap, according to CoinMarketCap at time of publication.

Looking at the XRP/USD 1-Day Chart:

  • Since our previous XRP/USD analysis, we can see that XRP/USD has fallen further from the $0.39 level, to where it currently is trading at around $0.375. XRP has strong resistance beneath it provided by the 200-day moving average around the $0.3615 level.
  • From above: The nearest levels of resistance lie at $0.3790 and $0.3943. If the bulls can continue further above $0.40, higher resistance can be located at $0.4235, $0.4376 and $0.4617. Above this, further resistance lies at $0.48 and $0.50.
  • From below: The nearest level of support now sits between $0.36 and $0.35. Beneath $0.35, further support is located at $0.34, $0.32 and $0.30.
  • Trading volume has dropped significantly from the average level seen during May 2019.
  • The RSI is in a precarious position as it hovers around the 50 level which indicates indecision within the market. If the RSI drops beneath 50, we can expect XRP/USD to head lower.

xrpusd_may23-min

Looking at the XRP/BTC 1-Day Chart:

  • Against Bitcoin, we can see XRP/BTC has now dropped further beneath the support at 5000 SAT to where it currently trades at press time, around 4850 SAT.
  • From above: The nearest level of resistance now sits at 4910 SAT, 5000 SAT and 5090 SAT. Above 5100 SAT, further resistance exists at 5571 SAT, 5962 SAT and 6000 SAT.
  • From below: The nearest level of support lies at 4731 SAT. Beneath this, further support is expected at 4500 SAT, 4323 SAT and 4000 SAT.
  • Trading volume has also significantly declined toward the second half of May 2019.
  • The Stochastic RSI suggests that price action will head further lower due to a bearish crossover in overbought conditions.

xrpbtc_may23-min

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XRP: Massive amounts of cryptocurrency moved as Ripple, Nexo come into the picture

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Market momentum in the cryptocurrency industry is of paramount importance, since it is often considered as an important marker in the propagation of crypto-use. Ever since the end of the crushing bear market, there have been several instances of massive amounts of cryptocurrencies being moved, especially when it comes to XRP, the third largest coin on the charts.

According to @WhaleAlert, a cryptocurrency data aggregator, there have been multiple drops of large XRP sums, amounting to a total of close to 26 million XRP. The first drop included a transfer of 10 million XRP from a Ripple Over-the-Counter distribution wallet to another unknown wallet in the cryptosphere.

The transfer amounted to a whopping $3.732 million and had a time stamp at 23 May 8:00 UTC. The transmitter address was rMaV5QT2ZCwVFArQ7sdQMxhtzg6mgqJ47h, while the receiver address was rEFtdHuyxgUjDL4t3gBsesQwHtnDy2W8rC.

The first transaction of 6.862 million XRP was preceded by another transfer of 6 million XRP, which occurred from an unknown wallet to a Nexo wallet. The unknown wallet’s address was rhCgcS11iumWeutBF4CPEu7G2zTXkh5oUZ, while the Nexo wallet’s address was rNrWGYBb9GJoRrZKqpH6PigQ2fdj7dRLyk.

The third significant XRP transaction that occurred in the space of 12 hours included another drop of 10 million XRP. The exact amount of XRP transferred was 10.11 million, moved from Ripple to an unknown wallet. The Ripple address on Bithomp was rhmc2XPEbmCN8MW6dcoMUGBuzzp65uKpEn, while the unknown wallet had an address of rH51tppA1cF5J75GS6MqaJhJfQFm2PPXG2.

Ripple and in turn, XRP, was also in the news recently after Ripple partner R3’s Corda released a statement that they were planning to further their partnership with credit union-centric CULedger. The press release from the organization stated,

“This will allow credit unions using CULedger’s network to choose from a variety of near-instant, secure and affordable domestic and cross-border payment options to meet theirs and their members’ needs.”

-News Source

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Ripple: XRP struggles amid downbeat Thursday crypto market

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The third-largest digital currency in the world, XRP, had an encouraging start to yesterday’s session, as its price topped the $0.40 mark in early trading. However, the coin’s spell above $0.40 did not last long. After several hours of struggling to sustain trading at that level, XRP gave in to the pressure and returned to sub-$0.40 levels. The decline accelerated during the afternoon portion of the session, with its price tumbling to an intraday low of $0.373. The digital coin finished the session at $0.376, down from its opening price of $0.397.

Downbeat market

XRP has remained on the defensive in today’s trading, mirroring a wide-spread crypto correction. As a result, the coin fell to a six-day low of $0.367 in the morning. The token’s performance has somewhat improved in more recent trading, which has allowed it to retake the $0.37 level.

Meanwhile, XRP has continued to experience strong market activity, although its trading volume has seen a drop from yesterday. According to data from digital currency tracker Coinmarketcap, around $1.9 billion worth of XRP coins have changed hands over the past 24 hours. The coin’s daily trading volume reached just over $2 billion on Wednesday.

XRP’s current struggles appear to be part of a larger downward correction that has affected most digital coins on the market. Earlier this month, XRP benefited from a strong bullish trend that saw many cryptocurrencies rising to new 2019 highs. XRP’s rally peaked at $0.474, which was reached on May 16, the same day that Bitcoin set its current 2019 high of $8,320.82.

In today’s trading, the XRP price stood at $0.373, as of 14:17 BST. The digital coin has lost 4.6% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $15.7 billion.

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