Ripple bought over $45 million XRP in Q3

Ripple bought over $45 million XRP in Q3

In Q3 2020, Ripple bought back $45.55 million worth of XRP–despite already owning nearly half of the total XRP supply. Ripple claims they are “purchasing – and may continue to purchase – XRP to support healthy markets.” This reveals that the already struggling XRP digital currency would have an even tougher time in the markets if it were not for its parent company continually propping it up with buy-orders.

However, Ripple–and one of its co-founder’s–participate in market activities that are likely to drag the price of XRP down just as often as Ripple engages in activities to keep the price up. In Q3, Ripple sold $35.84 million worth of XRP. In a February interview with the Financial Times, Ripple CEO Brad Garlinghouse was asked if the company’s XRP sales keep the business cash-flow positive, to which Garlinghouse responded.

“Well XRP is one source. I don’t know how to answer that because if you took away our software revenues, that would make us less profitable. If you took away all our XRP, that makes us less profitable. So I don’t think about it as one thing.” But later clarified, “We would not be profitable or cash flow positive.” 

In addition, in May 2020 it was revealed that Ripple co-founder Jed McCaleb sells millions of dollars worth of XRP on the market nearly every day

Ripple’s new headquarters

Recently, Ripple mentioned that it is interested in moving its headquarters to a “more friendly jurisdiction,” in other words, outside of the United States. Ripple said they are interested in making this move because there is a lack of regulatory clarity around the blockchain and digital currency industry in the United States. Although there have not been any updates in regards to relocating the business’s headquarters, Ripple did announce that it will be opening up its Middle East and North Africa regional headquarters in the Dubai International Financial Centre. 

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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