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The price of XRP rose amid rising speculation about heavy selling at 10:00 AM due to a lawsuit filed by Gens Street.
Cryptocurrency markets experienced sharp volatility after news of a lawsuit involving Gens Street spread on Wednesday morning. Traders quickly linked this development to a long-anticipated pattern of heavy selling, which occurred precisely at 10:00 AM Eastern Time.
Some market observers claimed that a major company was manipulating prices at that specific hour each day. In a post on X, analyst Park, a specialist in digital currencies, alleged that Gens Street used an algorithm to sell Bitcoin and buy it back at lower prices.
He claimed that this repeated scheme caused prices to drop, wiped out small traders, and enabled uniform buybacks below market value. Blockchain data analyst Nonzi confirmed this accusation, pointing to the unexpected loss that occurred when prices fell at 10:00 AM.
A post on X stated that Bitcoin's price surged significantly during the same period following the lawsuit announcement.