A validator on the XRPL network, called Grapedrop or Grape, has shared data claiming to show trading activity that could manipulate XRP’s price. The data, shared on the social platform X, includes screenshots from the XRPL Console and examples of live transactions. It highlights unusually large and repeated transfers between exchange addresses, which the validator says leave a clear on-ledger trail.
These payments often involve wallets controlled by exchanges, but the amount and frequency are much higher than regular retail activity. Screenshots show large, repeated transfers to and from these exchanges.
For example, the Console data shows transactions of 3,018,977.72 XRP, 460,119 XRP, and 146,757.57 XRP, all moving between Binance-controlled wallets. This looks more like a planned pattern than normal trading by regular users.
Grape explained that XRP’s price is often based on volume-weighted averages. Moving large amounts repeatedly between exchanges can increase the volume numbers and affect how the market cap is calculated.
This practice, called wash trading, is used to fake demand, tricking people or automated bots into buying the cryptocurrency.
Grapedrop’s findings certainly raise concern, but they stop short of actually proving price manipulation. However, the significant drop in price today hints that market participants may be concerned about the findings.