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Why Is XRP Price Up Today? Ripple’s Massive Buyback May Have The Answer
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Why Is XRP Price Up Today? Ripple’s Massive Buyback May Have The Answer

Scott Matherson
Scott Matherson
1 year ago
3 mins read
XRP price

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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. 

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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 price chart from Tradingview.com (Crypto analyst)

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. 

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XRP Price To Go Parabolic? Crypto Analyst Confirms 1000% Golden Cross Has Returned

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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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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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