The XRPL (XRP Ledger) has come under scrutiny following revelations from a validator known as Grapedrop, who claims to have identified manipulative trading activities that are affecting XRP prices. This information, shared on the platform X, included detailed evidence from the XRPL Console, highlighting suspicious patterns of high-volume transactions between various exchange wallets.
Unraveling Allegations of Wash Trading on the XRPL
Among the approximately 1,000 nodes operational on the XRPL, about 150 to 170 serve as validators. Grape, one such validator who initiated operations on July 12, 2025, has been utilizing a custom-built tracking tool to monitor transactions exceeding 10,000 XRP. This tool has enabled him to observe real-time trading activities and collect data indicating significant anomalies.
Since becoming an active validator, Grape has recorded thousands of sizable transactions, particularly involving major exchanges such as Bitget and Binance. Some examples he provided include transactions of 49,900 XRP, 67,655 XRP, and 146,757 XRP, with such instances occurring multiple times hourly, signaling a possible trend of coordinated activities.
These transactions predominantly move between addresses controlled by exchanges, showcasing a frequency and volume that surpass typical retail trading actions. Grapedrop’s findings illustrate consistent high-value transfers, drawing into question whether standard market operations are in play.
For instance, Console data revealed individual transactions such as 3,018,977.72 XRP and 460,119 XRP flowing from one Binance wallet to another, suggesting a structured approach rather than organic trading behavior.
The Implications of Manipulated Trading
According to Grape, XRP’s market price is influenced by volume-weighted averages. Consequently, the manipulation of high transaction volumes between exchanges can easily distort these averages, exacerbating market cap calculations.
This strategy, identified as wash trading, aims to fabricate a semblance of demand, deceiving potential buyers—both human and algorithmic—into engaging with the asset.
The community’s response to Grapedrop’s findings has been varied, though a sizable portion of feedback supports the notion of price manipulation. Prominent figures in the crypto space, such as “Crypto Bitlord,” endorsed the evidence presented, suggesting that if similar findings surfaced quickly, more extensive investigations could yield even more compelling results.
In light of these discussions, Grape announced plans to refine his analysis tools for further examination of potential XRP price manipulation, which could provide deeper insights into the matter.
While Grapedrop’s revelations highlight significant concerns regarding trading integrity, they do not explicitly prove that price manipulation is occurring. As of now, XRP is valued at $3.27, showing a 1.5% increase over the past day, reflecting the ongoing volatility within the crypto market.
