XRP價格是否被操縱？

整個2025年，Ripple（XRP）的價格一直在奇怪的方式。即使在Ripple周圍的幾個重要發展之後，令牌也顯示出幾乎沒有或沒有重大的價格反應。

The price of Ripple (XRP) has been acting strangely throughout 2025, with little to no significant reaction even after several important developments around the token.

整個2025年，連冠的價格（XRP）的行為一直很奇怪，即使在代幣周圍的幾個重要發展之後，幾乎沒有重大反應。

This has raised real questions within the crypto community. Is this just normal market behavior, or is XRP being manipulated behind the scenes by institutions or offshore exchanges to keep the token suppressed?

這就引發了加密社區中的真實問題。這只是正常的市場行為，還是XRP在幕後被機構或離岸交易所操縱以保持令牌被壓制？

After the launch of XRP futures contracts on the Chicago Mercantile Exchange (CME) in May 2025, the price of the token fell by 8.5% almost immediately. This was surprising since the move was supposed to be positive for the token. It signaled greater adoption of XRP in traditional finance, which should have attracted more buyers and pushed the price up. Instead, the opposite occurred.

在2025年5月在芝加哥商業交易所（CME）上簽訂了XRP期貨合約後，代幣的價格幾乎立即下降了8.5％。這是令人驚訝的，因為此舉原本應該對令牌有利。它標誌著XRP在傳統金融中的採用更大，這應該吸引更多的買家並提高了價格。相反，相反的發生。

However, some experts explained that the futures market may now be giving big players an easy way to suppress the XRP price. Several analysts pointed out the same patterns that were seen when Bitcoin and Ethereum futures launched in past years.

但是，一些專家解釋說，期貨市場現在可能為大型玩家提供了一種抑制XRP價格的簡便方法。幾位分析師指出了比特幣和以太坊期貨在過去幾年推出時所看到的相同模式。

One common concern is naked shorting, where traders sell futures contracts without owning any XRP. Another is rehypothecation, where the same collateral is used across multiple trades. Both tactics can put massive artificial pressure on the price and allow institutions to benefit from the volatility.

一個普遍的問題是赤裸裸的短路，交易者在不擁有任何XRP的情況下出售期貨合約。另一個是重新支配，其中在多個交易中使用了相同的抵押品。兩種策略都可以給價格帶來巨大的人工壓力，並使機構從波動性中受益。

Speaking about offshore exchanges and market makers, crypto analyst Austin Hilton, as reprted by AInvest, said that they are able to manipulate the price of XRP and other altcoins. According to him, because XRP still has relatively low liquidity compared to Bitcoin or Ethereum, it becomes easier for a few large players to exert control over the token without needing huge amounts of capital.

在談到海上交易所和做市商時，Ainvest的加密分析師奧斯汀·希爾頓（Austin Hilton）表示，他們能夠操縱XRP和其他Altcoins的價格。據他說，由於與比特幣或以太坊相比，XRP的流動性仍然相對較低，因此一些大型玩家在不需要大量資本的情況下對代幣進行控制變得更容易。

Earlier this year, in February 2025, the price of Ripple experienced a crash of 31% in just three hours. As reported by CCXV, analysts pointed out the unusual liquidity behavior and suggested that the drop did not look like normal trading activity. Instead, it appeared to be the result of deliberate and coordinated moves by market actors. That kind of event only fueled more suspicion about whether XRP trading is really as free and open as it seems.

今年早些時候，即2025年2月，Ripple的價格在短短三個小時內就會發生31％的撞車事故。正如CCXV報導的那樣，分析師指出了異常的流動性行為，並建議下降看起來不像正常交易活動。取而代之的是，這似乎是市場參與者故意和協調舉動的結果。這種事件僅引起了人們對XRP交易是否確實如此自由和開放的更多懷疑。

A X user known as StellarExpert has shared a post highlighting a whale purchasing nearly 250 million XRP, valued at over $500 million. However, what's surprising is that the market reacted minimally. Usually, a purchase of this magnitude would cause some price movement or activity. Yet, the price of XRP did not move at all. There was no price wick. No sudden spike. No visible excitement in the charts. It was as if the trade had never happened.

AX用戶被稱為Stellarexpert分享了一篇文章，該帖子突出了鯨魚購買近2.5億XRP，價值超過5億美元。但是，令人驚訝的是市場的反應最低。通常，購買如此規模會導致某種價格變動或活動。但是，XRP的價格根本沒有提出。沒有價格燈芯。沒有突然的尖峰。圖表中沒有明顯的興奮。好像交易從未發生過。

At some point, even the most loyal have to ask:Is this a market… or a simulation?Because when half a billion enters and nothing… pic.twitter.com/ohwS3VylCH

在某個時候，即使是最忠實的人也必須問：這是一個市場……還是模擬的？因為當十億美元進入而什麼都沒有……pic.twitter.com/ohws3vylch

The user went on to question the situation directly, stating, "At some point, even the most loyal have to ask: Is this a market or a simulation?" It was a pointed remark that struck a nerve with the XRP community.

用戶繼續直接質疑這種情況，說：“在某個時候，即使是最忠誠的問題：這是一個市場還是模擬？”這是一個尖銳的言論，與XRP社區震驚。

In a normal crypto market, a $500 million buy will cause some movement. However, when nothing happens, traders begin to wonder if the market is being tightly controlled by a few key players who can maneuver the price as needed. That kind of transaction puts a spotlight on transparency and fair trading practices. It also raises questions about whether Ripple price movement is reflecting real demand or institutional maneuvering.

在普通的加密市場中，5億美元的買入將導致一些變動。但是，一旦什麼都沒有發生，交易者開始懷疑市場是否受到可以根據需要操縱價格的一些關鍵參與者的緊密控制。這種交易使透明度和公平交易實踐成為關注的焦點。它還提出了有關波紋價格運動是反映實際需求還是機構操縱的疑問。

Overall, the conversation around XRP has clearly shifted. From suspicious futures activity to unexplained crashes and massive buys leaving no trace, it seems that many XRP community members now believe something is wrong with the way the token is being traded. Until there is more clarity or stronger oversight, it seems XRP price may remain caught in a cloud of doubt and controversy.

總體而言，圍繞XRP的對話顯然發生了變化。從可疑的期貨活動到無法解釋的崩潰和大規模購買，沒有痕跡，似乎許多XRP社區成員現在認為代幣的交易方式有些不對勁。在更加清晰或更強大的監督之前，XRP價格似乎仍然可能陷入疑問和爭議之雲。