Just a day after addressing growing speculations that the U.S. leading cryptocurrency exchange Coinbase may be manipulating XRP’s price movement, Bill Morgan now has to restate his true identity after being wrongly identified by the media.
On Sunday, Sept. 7, Bill Morgan was spotted on X issuing a fierce reaction to a trendy media post that appears to have mistakenly identified the pro-crypto lawyer as “Coinbase lawyer.”
Bill Morgan dismisses buzz on XRP manipulation
While Bill Morgan’s mislabeling as “Coinbase lawyer” might have not been intentional, the lawyer has frowned seriously at the media post, pushing strongly against the false title as he considers it a formidable insult that cannot be overlooked.
Nonetheless, it is important to note that Morgan's mislabeling as a Coinbase lawyer came amid rising debates in the crypto community that Coinbase could have been manipulating the price of XRP, which led to the recent drawdown.
The claims had appeared convincing after reports about Coinbase reducing its XRP holdings surfaced. The unusual move saw Coinbase XRP holdings being slashed massively by about 69%, dropping from a massive 780 million XRP to 199 million XRP.
The move saw the crypto community form the narrative that the significant reduction in Coinbase’s XRP holdings was allegedly a sell-off in an attempt to intentionally push the price of XRP down.
Bill Morgan had taken to the media space to address the speculation while disputing the XRP manipulation claims. In his statement, Bill Morgan had argued that the price of XRP was only forming its regular pattern, which it had also formed at the time when Coinbase did not engage in any market activity but only delisted the token from its trading platform.
While Morgan further acknowledged Coinbase’s unwelcoming stance on XRP, he confirmed that the reduction in Coinbase's XRP holdings is not valid evidence that the exchange might be manipulating the price of the asset.
Following Morgan's advocacy for Coinbase on the issue, he has been wrongly identified as a Coinbase lawyer. Nonetheless, Morgan has cleared the air on the false identification. Morgan received the Coinbase tag as an insult he is not willing to tolerate, cautioning the crypto community to stay true to his actual identity.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team