Instead, Ripple themselves have decided to buy back XRP at a critical support level against Bitcoin. Is this a sign of the parent corporation essentially capitulating itself, injecting capital so that crypto investors themselves don’t finally wave the white flag?
Ripple Introduces XRP Buy Back Program To Support “Healthy Markets”
All throughout the bear market, Ripple executives added salt to the wound of pained XRP investors, by selling down each rally. Even former Ripple executives have a sizable supply they regularly dump at investor’s expense.
It became so frequent, it started to tick off the community and the company’s leadership had to reel it in. Now the trend has reversed fully, and Ripple is buying back XRP even when they already own the lion’s share of the total supply.
Ripple revealed in a new report that it has purchased some $46 million worth of XRP tokens in the third quarter of 2020. The company claims that it was done to support “healthy markets” and that the buybacks could continue to support the brand’s new Line of Credit initiative.
But when the purchase was announced in correlation to the XRPBTC price chart, can’t just be a simple coincidence.