Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Revelations That Ripple Is Buying XRP Go Viral, Trigger Debate on Future of Third-Largest Crypto Asset

by Daily Hodl Staff
August 7, 2020
in Ripple and XRP
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

Ripple’s announcement that it has been purchasing XRP on the secondary market is triggering a fresh debate on the state of the third-largest cryptocurrency by market cap.

In its Q2 Markets Report, the payments startup says it is buying an undisclosed amount of XRP through its subsidiary, XRP II. Ripple also says it sold $32.55 million worth of XRP in the second quarter through over-the-counter (OTC) transactions, in an effort to boost liquidity for its XRP remittance platform, known as ODL.

News of Ripple’s new status as an XRP buyer shot to the front page of the Ripple subreddit, where one poster suggested the XRP purchases could be a bullish signal for the asset.

“The fact that Ripple has stopped programmatic selling of XRP to the open market and is now buying back from the open market is huge IMO. It means Ripple is making enough money from their business that they can now afford to buy back up XRP thus lowering supply and increasing demand and therefore price.

They are still doing OTC sales, but given Ripple’s track record, these are all likely part of on-boarding contracts. Many of these companies will be holding onto the XRP they receive to utilize in future transaction flows.”

Others agreed, with some suggesting Ripple bought XRP in anticipation of the price going up.

Says one Redditor,

“A stock buy back can often be seen as one of the most positive things a company can do with their capital to reinvest in themselves under the opinion that the market has under-valued the price.

(Not that I’m suggesting XRP is a “stock”)

Let that sink in for a moment…”

But not all crypto enthusiasts are bullish on Ripple’s moves, with some equating the company’s purchase of XRP to stock buybacks — the practice of companies buying their own shares.

“You do realise most CEOs and executive teams around the globe have used share buy backs as a way to artificially drive up the price of their company’s stocks allowing them to cash out at a higher price? Basically a legal way of insider trading.

Now substitute in what I’ve just mentioned the word ‘shares’ for ‘XRP’ and hopefully you’ll see why this is nothing more than Ripple execs and VCs looking to unload their personal stash at a higher price at your expense.”

Ripple says it may continue to buy XRP at market prices in the future as it looks to play a responsible role in boosting liquidity in the XRP remittance market.



Check Latest News Headlines




Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Brilliant Eye

Submit a Press Release

Crypto Livewire – Press Releases

  • ConsenSys-Backed Virtue Poker Raises $5 Million Strategic Round
    April 12, 2021
  • Cometh Partners With Alchemix for “Wizards” Collection of Yield-Generating NFTs
    April 9, 2021
  • eToro Appoints Dr. Hedva Ber, Israel’s Former Banking Supervisor, As Deputy CEO and Global COO
    April 8, 2021
  • Blockchain Provider Orbs Is Now Accessible Through the AWS Marketplace
    April 8, 2021
  • Taraxa to Integrate a Chainlink Timestamp Oracle for Tracking Informal Transaction Agreements
    April 8, 2021
  • Immutable X Launches Gas-Free Layer-2 Solution Paving the Way to Mainstream NFT Adoption
    April 8, 2021
  • SpiderDAO Announces TestNet Deployment
    April 7, 2021
Submit a Guest Post
ADVERTISEMENT
ADVERTISEMENT
Bitcoin
$60,378.00
$60,378.00
0.2%
Ethereum
$2,162.22
$2,162.22
0.38%
Binance Coin
$559.56
$559.56
0.54%
XRP
$1.45
$1.45
6.9%
Polkadot
$40.31
$40.31
2.27%
Cardano
$1.30
$1.30
0.86%

Spotlight

  • Crypto Traders Should Buy Ethereum Over Bitcoin, According to Billionaire Mark Cuban – Here’s Why
    April 8, 2021
  • Bitcoin Could Shatter $1,000,000 This Year, Says Macro Guru Raoul Pal – Here’s Why
    April 12, 2021
  • Face of Viral 2012 Meme Cashes In on NFT Craze With Huge Ethereum Payout
    April 5, 2021
  • Will Ethereum, XRP and Litecoin Surge Beyond the Stratosphere? Analyst Michaël van de Poppe Updates Crypto Outlook
    April 9, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX

© 2020 The Daily Hodl