Ripple Holds First XRP Buyback

Ripple has reported its first XRP coin repurchase: in the third quarter of 2020, Ripple repurchased $46 million worth of XRP, in addition to those already held in the company’s wallets.

In a report for the third quarter of 2020, Ripple writes that the decision to buy back XRP was made to ” maintain a healthy market.” It is most likely about attracting interest in the cryptocurrency and increasing its market value. It is possible that the XRP buyback will continue.

“In the long term, we will develop new features in our ODL solution to allow customers to receive liquidity from the entire market, not just from Ripple’s inventory,” a company spokesperson said.

But the reporting contains other operations as well: In the third quarter of 2020, Ripple sold $35.84 million worth of XRP to institutional investors.

Recall that now Ripple is considering options for moving its headquarters from the United States due to regulatory uncertainty. The most likely jurisdictions were the United Kingdom
and Japan.

Recently, Ripple CTO David Schwartz said that financial institutions currently have little incentive to adopt XRP, but this will gradually change.