SEC: Ripple used trading bots to manipulate the price of XRP
The U.S. Securities and Exchange Commission (SEC) suggests that Ripple used trading bots from GSR Markets to falsify trading activity and maintain the XRP exchange rate.
The SEC sent a statement to the judicial authorities that Ripple systematically used trading bots, for example, XRP 2t 6t, to conduct impersonal transactions in order to artificially prevent a significant decrease or contribute to an increase in the market price of XRP.
According to the SEC, based on the analysis of data from various analytical resources, including recordings of negotiations and historical information on XRP prices, there have been cases when the directives of the Ripple GSR trading bot coincided with upward movements or stopped the fall in XRP prices.
Also, the SEC's suspicions about Ripple's possible unethical behavior are related to the company's significant reserves in XRP and the apparent sluggishness of price growth for digital assets compared to competing cryptocurrencies.
The SEC believes that Ripple's strategy and the value of XRP did not meet the expectations of the crypto community, and the use of trading bots allowed the company to mislead investors and create the illusion of trading activity.
Source: https://bits.media/sec-ripple-ispolzovala-torgovykh-botov-dlya-manipulirovaniya-tsenoy-xrp/
