Ripple buys back XRP worth $46m as a strategy to raise its price

Ripple buys back XRP worth $46m

November 11, 2020

Reading Time: 2 minutes

The crypto giant Ripple is in the move to create value for healthy markets within the XRP platform, and to cushion their traders, has purchased XRP worth $46 million. The purchase was made a few days after the launch of a new XRP product known as Line of Credit Beta,

As per the statement made by a Ripple spokesperson, increasing the interests of the traders and making it healthy is one of their roles, they as well aim at cushioning their traders by leveraging on massive purchases. The spokesperson went ahead to state that this might be the beginning of their “healthy markets” initiative, and they will continue making more purchases in the future.

From the launch of a new product in XRP, Line of Credit Beta, traders can now get credit purchases for On-demand liquidity. In support of the new product, Ripple has ensured that sufficient fund is in the XRP platform to leverage any fund transfer within the platform made by their traders.

The spokesperson of Ripple added that the on-demand liquidity product as well fueled the third quarter of 2020 sales for the purchase of XRP. Besides, developing a robust infrastructure, that has an inclusion of “Line of Credit” for the support of On-Demand liquidity in XRP, has been raised.

Recently, Ripple made a massive sale to XRP, an amount summing up to 81 million USD, that was directed to the on-demand liquidity traders within the Q3 of 2020 as reported by a reliable media outlet, comparing it to the Q2 sales to XRP, an amount barely 32 million USD worth of purchase.

Ripples have been reported to launch up a new headquarter within the Dubai International Financial Centre. Within the region, they are committed to adhering to the cryptocurrency regulations within the new judicial system.  

From the circulating information about ripples shares on XRP, Ripples might potentially be owning more than half of the XRP. The move has been a dynamic means of raising liquidity within the platform.

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