Ripple CTO Denies 10 Billion XRP Buyback as Token Gets Set for Big Rally

Ripple has been in the news a lot lately, both for good and bad reasons. One of the rumors flying around is that Ripple has bought back 10 billion XRP. Ripple Chief Technical Officer (CTO) David Schwartz has however denied the rumor.

In a tweet on Sunday 25 June, Schwartz said he was not aware of what peddlers of the rumor were referring to. Although he admitted that Ripple does buy back XRP sometimes, this wasn’t one of those times as no such buyback has happened.

“We do sometimes buy XRP. But I don’t know of anything specific that this could be referring to. And there’s no official source mentioned,” Schwartz wrote in a tweet in response to a tweet seeking for confirmation of the rumor.

Ripple does buy back XRP, primarily to ensure adequate supply of XRP for their on-demand liquidity (ODL) service. The company however does this with utmost caution, ensuring that it acquires XRP only from specific sources and a limited quantity to reduce potential exposure to the market. In fact, Ripple currently holds 41.9 billion XRP in its wallets.

Crypto news portal CryptoAlert had yesterday published a story stating the rumor that the company bought back 10 billion XRP. According to reports, the story had no source, but circulated wildly within the XRP community within a short time of its release.

XRP Set For Mega Rally

XRP has shown strength even in the face of the legal battle with the SEC. The asset has seen significant growth in 2023 alone, and still shows a lot of potential to grow. A major precedent for growth is the progress that Ripple is making in the case with the SEC.

Despite the case, Ripple has been building partnerships and collaborations with other giants in the crypto industry. These companies seek to use Ripple’s blockchain-based payment solution, even outside the crypto space, making it stronger and establishing it as an authority.

Since XRP is at the center of Ripple’s payment technology, there’s no talking about Ripple’s progress without referring to XRP growth. It is on this premise that analysts predict that the cryptocurrency has just started its growth journey.

They predict that if Ripple continues with the current trend of innovation and expansion, there is a high chance that XRP will repeat its 2021 bull run.

What Happened in 2021?

The year 2021 was one of the best years for XRP since its creation. The crypto asset pulled a 969.37% increase, raising the price from $0.15 to $1.96.

Currently, XRP is seeing a rapid increase in the number of user wallets, which is a great sign that new investors are buying it. Such a trend may set XRP on the path to explosion with or without winning the SEC case.

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