Ripple's Chief Technology Officer, David Schwartz, dismissed a rumor that the company plans to buy back 10 billion XRP altcoins, which amounts to about $5 billion at the current market price of the token.
Schwartz responded to the rumor on Twitter, saying that Ripple sometimes buys XRP but does not know of any specific plans for a buyback of this size. He also pointed out that there was no mention of an official source of the rumor:
“Sometimes we buy XRP. But I don't know anything specific that this rumor might be pointing to. There is also no mention of an official source.”
We do sometimes buy XRP. But I don't know of anything specific that this could be referring to. And there's no official source mentioned.
— David "JoelKatz" Schwartz (@JoelKatz) June 25, 2023
Ripple is transparent about its XRP transactions by disclosing its purchases and sales in its quarterly reports. According to its latest report for the first quarter of 2023, Ripple bought $2.6 billion worth of XRP on the open market and sold $2.93 billion worth of XRP. The company said that these transactions were made to support the on-demand liquidity (ODL) service and maintain a healthy and stable XRP market.
Crypto lawyer John E Deaton also tweeted that he did not believe Ripple had bought back 10 billion XRP until he heard from the company itself.
*Not investment advice.
