XRP Price News: Token Steadies Near $2.80 as ETF Hopes Build

Coinbase Slashes XRP Holdings – What Does This Mean for XRP?

Leading crypto exchange Coinbase (COIN) has reduced its XRP holdings, fueling speculation of price manipulation.

Prominent crypto investor Stern Drew, with 7,532 followers on X, shared an in-depth analysis of the exchange’s XRP divestments, stating:

“XRPScan data shows Coinbase cut its stash from 780M → 199M XRP in weeks – a 69% slash. Once the 5th-largest holder, they’re now barely in the top 10. This isn’t normal selling. It looks like coordinated manipulation.”

Claims of Coordinated Selling

Drew analyzed the selling patterns, stating:

“72% of the dump volumes hit low-liquidity hours. Coinbase routed sales via multiple exchange wallets, fragmenting to disguise flows.”

Drew offered reasons for Coinbase to cut its holdings, which included:

• Support ETH, given its links to ConsenSys and the Ethereum Foundation.
• Weaken Ripple’s influence on US policy discussions.
• Dump retail ‘bags’ to enable institutions to buy at a discount.
• Shielding SWIFT-linked banks from liquidity shocks.

Drew added that Coinbase’s moves suggest XRP is too powerful and is a real threat to current systems.

XRP has fallen from $3.3351 to $2.6990 since the SEC and Ripple filed the Joint Stipulation of Dismissal with the US Court of Appeals. Yet, XRP has steadied, breaking above $2.8 despite Coinbase materially cutting its XRP holdings. Price action suggests resilient demand and potential for significant gains.

Drew considered the price outlook, suggesting that an end to suppression could trigger a breakout.

Legal Experts Dismiss Manipulation Claims

However, Pro-crypto lawyer Bill Morgan downplayed speculation about price manipulation, commenting:

“We all know that Coinbase is no lover of XRP, but the problem with the theory is that XRP price action just seems to be behaving the same way as it has always behaved, including during the long period when Coinbase delisted XRP and could not have used sell-offs to manipulate the price of XRP.”

Amicus Curiae attorney and CryptoLaw founder John E. Deaton recently remarked on XRP’s love-hate relationships, stating:

“XRP is the single most hated crypto by institutional and professional traders/holders. XRP is the most loved crypto by retail investors/holders.”

This dynamic could change once the SEC green-lights spot ETFs pending approval and the Senate passes the Market Structure Bill.

Price Action & Technical Analysis

XRP fell 0.14% on Saturday, September 6, partially reversing Friday’s 0.65% gain to close at $2.8109. The token outperformed the broader market (-0.45%), trading near the psychological $3 level. Traders are watching the following technical levels:

• Support: $2.7 and $2.5.
• Resistance: $3.0, $3.335, and the all-time high at $3.66.

In the near term, several key catalysts could drive price action:

• Spot ETF headlines: Progress or delays in XRP-spot ETF reviews could trigger volatility. A BlackRock (BLK) iShares XRP Trust filing could be a key event.
• Institutional Adoption: Blue-chip firms acquire XRP as a treasury reserve asset, boosting demand.
• Regulatory milestones: Ripple’s application for a US-chartered bank license, legislative initiatives such as the Market Structure Bill, and updates from SWIFT could influence sentiment.

Catalysts & Scenarios

XRP’s outlook hinges on corporate, macroeconomic, and regulatory factors. Potential price scenarios include:

Bearish Scenario

• Legislative roadblocks slow the Market Structure Bill’s passage in the Senate or delay crypto-friendly regulations.
• Blue-chip firms delay XRP adoption as a treasury reserve asset.
• Ripple’s US-chartered bank license faces rejection or delays.
• SWIFT retains dominance in global remittances, limiting Ripple’s market access.

These bearish events could push XRP below $2.7, potentially exposing the $2.5 level.

Bullish Scenario

• BlackRock files for an iShares XRP Trust, and the SEC approves spot ETFs, opening mainstream investment channels.
• Blue-chip companies add XRP to treasuries, and more payment platforms integrate Ripple tech.
• Ripple secures a US-chartered bank license, and legislative progress on the Market Structure Bill provides regulatory clarity.
• SWIFT loses share of global remittances to Ripple.

These events could drive XRP above its $3.66 (Binance) record high.

Conclusion

The passage of the Market Structure Bill in the Senate and the approval of spot ETFs remain key price catalysts. In the meantime, legislative developments and the SEC would likely affect sentiment.

The SEC’s rollout of its standardized crypto ETF framework or bipartisan support for the updated draft Market Structure Bill could trigger a breakout from current levels. However, setbacks or delays risk pushing the token back toward key supports.

For traders, the final quarter of 2025 may decide whether XRP becomes a success story—or a cautionary tale under the weight of regulatory uncertainty. Analysts will closely watch how regulatory and economic risks shape XRP’s trajectory in the coming months.