Ripple’s Chief Technology Officer (CTO) and one of the original designers of the XRP Ledger, David Schwartz, have spoken forward to clarify the recent rumors around the company’s reported intention to launch a huge repurchase of 10 billion XRP tokens. The XRP community was excited and enthralled by the rumors that the repurchase would actually happen.
Schwartz addressed the issue on Twitter, to put a stop to the rumors. Although Ripple does acquire XRP, he claimed in his tweet that he was not aware of any particular buyback plans at the moment. He said that the rumors were not supported by any official source, essentially dispelling the rumor that had gained popularity in recent days.
Ripple’s Ongoing Innovation Journey Amidst XRP Market Speculations
The rumors were first reported in an article by the dubious news source CryptoAlert, which is infamous for its dubious reporting techniques. The rumor swiftly propagated across the XRP community in spite of the source’s lack of reliability and the lack of any verified facts. The momentum of the rumors grew as well-known members of the neighborhood spoke up.
It’s crucial to remember that Ripple’s history of XRP acquisitions is public knowledge. To guarantee a sufficient supply of XRP for its on-demand liquidity (ODL) service, the business has constantly taken part in open market transactions. The financial reports from XRP throughout time have shown a clear reflection of this strategy. Ripple also takes precautions by being selective about the number and sources from which it buys XRP, reducing its potential exposure to the market.
XRPL Services estimates that Ripple presently has 41.9 billion XRP tokens in its accounts. These tokens strengthen the company’s significant position in the XRP ecosystem and are essential in making the company’s different financial services possible. The strategic application of XRP by Ripple is consistent with its overarching goal of revolutionizing cross-border payments and offering effective solutions to financial institutions all around the world.
David Schwartz’s response has put an end to the current rumors around the 10 billion XRP repurchase, but it is still unclear how this information will affect the XRP market and Ripple’s ongoing initiatives to promote innovation within the blockchain sector. The community anxiously anticipates new developments and announcements that might influence the direction of XRP as Ripple continues to navigate the rapidly changing environment.