Ripple Buys $46 Million of XRP to Support ‘Healthy Markets’
Ripple has for the first time bought $46 million worth of XRP in the third quarter of this year. The firm said the purchase was made to support “healthy markets,” as it was potentially referring to creating interest around XRP.
It’s worth noting Ripple already owns nearly half of the supply of the cryptocurrency. The Block cited a Ripple spokesperson as saying the firm may continue to purchase XRP and supporting its newly launched Line of Credit product, which allows On-Demand Liquidity (ODL) customers to buy XRP on credit from the firm.
The spokesperson was quoted as saying:
"Long-term, Ripple is building new ODL capabilities to dynamically source XRP liquidity from the open market, not just Ripple."
In the third quarter, Ripple reportedly sold $35.84 million worth of XRP to ODL customers, compared to $32.55 million worth of XRP sold to direct institutions in Q2.
