According to the latest reports, it seems that Ripple has bought $8.4 billion XRP since the SEC lawsuit. Check out the main reason for which the company did this.
Ripple bought billions of XRP
According to the latest reports, Ripple Labs’ XRP token has dropped 20% since the SEC sued the firm, and two top executives, over alleged unregistered securities sales back in December 2020.
It’s also been revealed that since then, Ripple Labs has poured billions of dollars into buying back the XRP token on secondary markets.
“Some reports have focused on Ripple Labs’ direct XRP sales in the fourth quarter of 2022. The move to acquire XRP tokens — ostensibly a bullish indicator — has been trumpeted as boosting the ecosystem’s liquidity,” Blockworks reports.
The same online publication mentioned above notes that those reports often link the nearly $3 billion of in-house sales to XRP’s fast-moving 27% pump in January.
“They have propped up a narrative in which XRP’s latest revival has been made all the more notable by the fact that it’s played out with an uncertain, and, likely decisive, regulatory outcome hanging in the balance.”
We suggest that you check out the original article posted by Blockworks.
A few days ago, we revealed that Ripple announced new president.
Ripple reveals new president of Ripple Labs
Ripple Labs has announced a new president as the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the payments platform nears a conclusion.
In a new company blog post, Ripple says that Monica Long, the firm’s senior vice president and general manager, will be promoted to president.
Ripple CEO Brad Garlinghouse stated the following:
“Even in the current challenging crypto environment, Monica has helped guide Ripple to a very unique place of growth and financial strength. She’s been an instrumental adviser to me over the years, and I’m grateful to have the opportunity to partner with her even more closely as she embarks on her role as president.”