In a recent development in the crypto market, Ripple’s XRP has seen a remarkable move. After a strong rally in October that saw the coin reach a peak of $0.72, XRP experienced a slight correction, with the current price around $0.65.
In a strategic move to prevent further price declines, Ripple, the company behind XRP, has, according to Mr. Huber bought back 700 million of his own tokens. This move, with an estimated value of $455 million, highlights Ripple’s commitment to ensuring the stability and liquidity of XRP, especially in a volatile market.
This buyback is a crucial step to stabilize the price of XRP and limit future price fluctuations, a development closely watched by investors and market analysts.
Does Ripple manipulate the XRP price?
This recent correction in XRP from its October peak has led to speculation about the cause of the decline. While some suggest the price may have been manipulated, Mr. Huber offers an alternative explanation. He states that sales of XRP tokens by Ripple ODL customers on the open market could be a factor in the recent price movements.
This sales activity, coupled with Ripple’s strategic repurchase of 700 million XRP tokens worth $455 million, demonstrates how the company is actively working to maintain market stability and liquidity. With these actions, Ripple appears to not only want to stabilize the price of XRP, but also to protect it against extreme fluctuations, which is of great importance in the unpredictable crypto market.
XRP temporarily overtakes Binance Coin
Recently, XRP surpassed Binance Coin (BNB) in market capitalization, a remarkable achievement that can be partly attributed to XRP’s unique legal status in the United States. XRP is the only crypto token classified there as not being a security, which distinguishes it from other cryptocurrencies.
On the other hand, Binance, the company behind BNB, is facing legal challenges. These include issues with their CEO, which are likely to impact BNB’s valuation. Such legal issues can influence investor perception and thus indirectly contribute to the changes in market capitalization of the currencies involved.
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2023-12-10 13:08:56
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