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$XRP reached a peak of $1.67 before quickly retracing to $1.480. The sharp rise and sudden drop have attracted attention within the crypto community, as the asset has fallen further to $1.46. Traders noted the rapid sequence of movements, which some observers link to concentrated trading actions on Binance.
Vincent Van Code (@vincent_vancode), a software engineer and well-known figure in the XRP community, suggested that the recent price action indicated deliberate manipulation by Binance. According to his analysis, this pattern could involve wash trading, a practice where the same entity simultaneously buys and sells an asset to create artificial trading volume.
He noted that such activity can influence prices and move large sums of capital against smaller retail participants while benefiting positions in long and short contracts.
He also suggested that CZ, who is still a major shareholder at Binance and very influential in the crypto space, profited from these coordinated trades through positions he held in long and short contracts
💥Wash Trading Effects and Previous Allegations
Wash trading can create misleading signals of market demand. By simultaneously buying and selling XRP, an entity can inflate trading volume without genuine market interest.
This activity can trigger automated bots or other traders to respond, amplifying volatility. These patterns coincide with rapid price swings and abrupt retracements, consistent with deliberate market manipulation rather than ordinary trading.
Van Code’s comments align with previous allegations by EGRAG CRYPTO, a prominent analyst, who claimed Binance’s order books contributed to disproportionate sell pressure on XRP.
The analyst noted that the imbalance between bid and ask orders suggested structured selling activity rather than standard market behavior. The analyst interpreted the data as evidence of potential influence on XRP’s short-term price movements.
💥XRP’s Elevated Trading Volume
Following the recent volatility, trading volume remained high, with over 225 million XRP traded in a 24-hour period. The surge coincided with sharp price swings, reflecting concentrated short-term trading activity. The hourly chart shows multiple bullish candlesticks before the peak, while the retracement created clear resistance near $1.65-$ 1.66.

💥Order Book Patterns and Market Monitoring
Investors continue to monitor order book data across exchanges to assess liquidity and trading behavior. Binance has been accused of wash trading and manipulating XRP multiple times, and this event joins that long list.
Large, rapid trades have created noticeable short-term volatility, drawing attention from both retail and institutional participants. Understanding these dynamics is crucial for participants seeking to anticipate rapid swings and adjust strategies accordingly.

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