Why Is XRP Price Up Today? Ripple’s Massive Buyback May Have The Answer
09 Dezembro 2023 - 8:00PM
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XRP is one of the top gainers in the last 24 hours. As to why the
crypto token is up, a popular crypto sleuth has some answers, as he
recently revealed a significant move made by Ripple. This
revelation also has the possibility of ending talks that XRP’s
price is being manipulated by Ripple, considering that the crypto
firm has so far shown that it has XRP’s best interest at heart.
Ripple Allegedly Buys Back Around 700 Million XRP In a post on his
X (formerly Twitter) platform, crypto sleuth Mr. Huber mentioned
that Ripple bought back around 700 million XRP from the open
market. According to him, Ripple usually does this to keep the XRP
markets stable and liquid. This endeavor could explain why the
token’s price has suddenly picked up. Related Reading:
Dogecoin Above $0.1? Crypto Analyst Lists Reasons Why DOGE Price
Will Continue To Rally The XRP price has underperformed in recent
times, with many speculating why this could be happening. Some
simply stated that the price was manipulated as there was no other
logical reason to explain the underperformance, especially
considering that other altcoins were enjoying significant
gains. However, Mr. Huber had another plausible explanation
for this decline as he stated that it could be one of Ripple’s ODL
customers selling their XRP tokens on the open market. It had
previously been reported that Ripple’s XRP sales to these ODL
customers do not impact prices on exchanges. However, it does when
these customers, in turn, start to sell these XRP tokens to retail
investors. Therefore, noticing the trend of the XRP sales
from ODL customers, Ripple could have bought back these XRP tokens
in order to stabilize the XRP price. It is worth mentioning that
Mr. Huber seems to have reached his conclusion of a massive buyback
due to the decline in XRP’s circulating supply. He asserted that
Ripple’s holdings are not calculated in the circulating
supply. XRP recovers above $0.68 | Source: XRPUSD on
Tradingview.com XRP Price Underperformance Is Concerning Before his
revelation about Ripple’s massive buyback, Mr. Huber had raised
concern about XRP’s worrisome price action. He noted that the XRP
price had “lost literally” all the gains it made against the
broader crypto market following Judge Analisa Torres’ ruling. The
Judge had ruled that the crypto token wasn’t a security in
itself. Related Reading: XRP Price To Go Parabolic? Crypto
Analyst Confirms 1000% Golden Cross Has Returned Many had predicted
that this legal clarity was going to help boost XRP’s price, and it
actually did in the weeks after the ruling. However, the XRP price
has been on a notable decline since posting those gains. It has
even become concerning ever since the broader crypto market picked
up as many continue to wonder could be the reason for XRP’s rather
relatively tepid movement. At the time of writing, XRP is
trading at around $0.69, up over 7% in the last 24 hours, according
to data from CoinMarketCap. Featured image from Watcher Guru,
chart from Tradingview.com
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