Ripple Works More To Enhance XRP Price As It Buys $8.4B Worth Of XRP From Secondary Market
The leading blockchain company, Ripple, has not ceased the activities that can enhance the price of XRP tokens in the general crypto industry. The recent record revealed that the price of Ripple’s XRP has been affected by the ongoing battle between the US commission and Ripple.
Ripple Buys From Secondary Market To Aid XRP Price
The SEC alleged that Ripple and its execs conducted unregistered securities offerings in the US that helped them raise over $1.2 billion. Both the SEC and Ripple have been in a heated legal battle for more than two years. The ongoing lawsuit has wreaked havoc on the price of XRP, which has plunged 87.9% from an all-time high of $3.4, Coingecko data shows.
As stated in the record shared by Blockworks, Ripple Labs has spent nearly 75% of the revenue generated from the sale of XRP on buying the tokens back from secondary markets.
The recent act of Ripple has proven thoroughly that the low price in the general market has not prevented the company from performing its duty of making the token better.
Blockworks noted that while Ripple has publicly reported a total of $11.1B in ODL-related XRP sales from the beginning of 2021 to the end of 2022, the company has spent $8.4B buying back the token from secondary markets to meet the needs of its ODL clients.
Ripple’s Q4 Sales Surpasses Previous One
There has been a series of records of success around the blockchain company over time. For instance, Ripple’s XRP sales in the last quarter were released and were seen to be $2.96 billion which surpassed the previous one.
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Ripple said it would continue to buy back XRP from secondary markets as long as the ODL service gains global adoption.
Ripple Welcomes New President
The recent development shared by the leading blockchain revealed that the network had disclosed the new president to manage the affair of the blockchain company.
As shared by Ripple on its handle, the election of Monica Long as the new president of the Ripple blockchain. This development comes up amid the company’s heated legal battle with the U.S. Securities and Exchange Commission.
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