Since activating his validator, he has documented thousands of such high-value movements, often involving popular crypto exchanges like Bitget and Binance. His flagged transactions include examples such as 49,900 XRP, 67,655 XRP, and 146,757 XRP, with similar transfers recorded multiple times per hour and thousands of volumes a day.
The destinations and sources of these payments often connect to exchange-controlled wallets. However, the volume and frequency are standing well above the normal retail activity. The screenshots shared show consistent high-value movements to and from these crypto exchanges.
An example is shown in the Console data below. Transactions include 3,018,977.72 XRP, 460,119 XRP, and 146,757.57 XRP, originating from one Binance-controlled wallet to another. This trend is more of an organized pattern rather than normal trading activity among traders.
Grape explained that XRP’s price is often calculated using volume-weighted averages. As such, repeatedly moving large volumes between exchanges can inflate these volume figures and manipulate the calculations of market cap.
This activity, referred to as wash trading, is done to create an impression of artificial demand, which in turn tricks other people or other automated bots into buying into the crypto.
