.png){kind=logo}
XRP trades near $3.03 with a market cap above $178B, keeping it among the top three cryptocurrencies.
The SEC case against Ripple is officially closed with a $125M penalty, removing years of legal uncertainty.
Claims of a secret trading game on the XRP Ledger remain unproven, with price moves largely driven by market forces and derivatives.
XRP is trading roughly between $3.00 and $3.05. Its market capitalization is estimated at around $178 to $182 billion, depending on the source and timing of updates. With about 59.4 billion XRP coins circulating, this places XRP among the top three cryptocurrencies by value. Recent days have seen notably elevated volatility.
On August 14 and 15, the price fell by about seven percent during the day, before settling back into the three-dollar range. These swings coincided with larger market sell-offs and activity in derivatives like options, which tend to amplify movement.
A major milestone occurred earlier this month when the US Securities and Exchange Commission officially ended its enforcement action against Ripple. This included a civil penalty of $125 million and brought the multi-year litigation to a close. That outcome eliminated a longstanding source of uncertainty surrounding XRP and its future.
Now that the legal overhang is gone, XRP’s price behavior reflects more conventional market forces: liquidity dynamics, derivatives positioning, risk appetite, and the mechanics of exchanges. The lawsuit’s end did not completely remove all volatility, but it removed a big structural burden that investors had been watching for years.
Recently, an independent validator on the XRP Ledger referred to by the name ‘Grapedrop’ published dashboards pointing out recurring large transfers, often more than 140,000 XRP, between addresses believed to belong to major exchanges.
These transfers appeared to be timed with sharp price resistance levels, and some observers raised concerns that they might be wash trades or coordinated moves to artificially boost activity or influence price. The story picked up attention among crypto commentators, fueling speculation that a hidden “trading game” was underway.
Also Read - Will XRP Hit $30 During This Bull Cycle?
Looking closer, the observations do raise eyebrows. Repeated large transfers between exchange-controlled wallets can look like trading activity when, in fact, they may just be internal transfers or inventory shifts. Not all transfers are suspicious. Market makers and exchanges regularly rebalance or move funds. Without hard evidence, like detailed trading logs from exchanges or regulators stepping in, it is not possible to confirm that manipulation is taking place. It remains circumstantial.
There are simpler, more common reasons for dramatic intraday price swings. One is related to option market behavior. Traders often use straddle strategies that bet on large moves in either direction. When market makers hedge these positions, it can push prices toward certain levels as they balance exposure, making the price look “pinned” or artificially held at support or resistance zones.
Another factor is forced liquidations. In a leveraged market, when many traders are on one side of a trade, even a small move can trigger margin calls and stop-outs, leading to sharp price crashes. The mid-August declines in XRP coincided with a broader market deleveraging across major cryptocurrencies.
Exchange inventory rebalancing is yet another explanation. Exchanges must shift assets between cold storage and hot wallets, or between different exchanges, to manage liquidity and customer orders. These on-chain transfers can appear suspicious without context, but they can be entirely routine.
As of mid-August 2025, there has been no regulatory follow-up or enforcement related to these ‘secret trading’ claims. The SEC’s case against Ripple is fully settled, with no appeals or further action announced. No exchange has acknowledged manipulative behavior. In short, regulators and official bodies have not validated the claims. The concerns remain speculative unless proven with detailed data or official statements.
XRP reached its highest levels in years back in July, rising above $3.40 amid optimism around regulation and market trend breakouts. Since then, the price has retreated, but these pullbacks mirror broader market cycles of risk appetite ebbing and returning.
What’s happening now, ups and downs in the three-dollar range, fits the pattern of a crowded, liquid market where large moves are common. If someone were orchestrating a secret scheme, the market would likely show a more one-sided trend rather than back-and-forth swings.
Alongside price trends, XRP remains among the most traded crypto assets by volume, with deep liquidity. In these conditions, even aggressive but legal trading tactics can look odd from the outside when viewed on the chain.
Stronger evidence would require more than on-chain observations. Detailed trade records showing self-dealing across multiple exchange accounts, cross-exchange timing that points to coordinated spoofing or wash loops, or regulatory investigations naming specific wallets would provide more clarity. None of that has appeared publicly as of late August 2025. Without this, the narrative remains an intriguing possibility, not a confirmed fact.
Also Read - Why Investors Should Be Careful with XRP in the Coming Months?
Is a hidden ‘trading game’ affecting XRP’s market? The answer remains uncertain. The validator’s observations are noteworthy and deserve attention, but they are not conclusive. More reliable is the recorded legal development: the SEC lawsuit is finally settled, and the $125 million penalty benchmark is clear.
Price movements since then are consistent with common market patterns, leverage, derivatives, and reactions to broader crypto trends. Until venue-level data or regulatory findings substantiate the claims, the idea of manipulation remains speculative.
As of August 18, 2025, XRP stands at about three dollars, with a market cap in the high-$170s to low-$180 billion. Trading remains active and volatile, but in line with what large-cap cryptocurrencies tend to experience. Close attention to options positioning or any exchange disclosures may help separate exaggeration from reality.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.
