Ripple Buys $46 Million XRP to Support ‘Healthy Markets’

The United States – Before 2020 ends, Ripple decided to buy $46 million XRP for the first time, despite owning nearly half of the currency’s supply. According to Ripple executives, this purchase aims to support “healthy markets” and attract more investors. A Ripple spokesperson confirmed that the company would continue to purchase XRP to support new projects, including the On-Demand Liquidity (ODL). The ODL solution utilizes XRP for fund transfers.

Although Bitcoin has the strongest correlation with other cryptocurrency assets, XRP has managed to bounce back and take off higher. Ripple believes that purchasing the $46 million XRP can help the digital asset and lean towards XRP’s dull price.

According to the executives, the $46 million can help Ripple’s new product, Line of Credit, in attracting more customers to buy XRP on credit. With this strategy, it is clear that Ripple is building new ODL capabilities to use XRP liquidity in long-term use dynamically.

Despite holding nearly half of XRP’s supply, Ripple still actively works to bridge cross-border payments and help more global banks in different countries. Despite the coronavirus pandemic, Ripple has impressively maintained its stance on programmatic sales and did sell XRP very well.

This fourth most valuable cryptocurrency has indeed experienced huge transactions this 2020. Large investors are keenly rushing to purchase the undervalued crypto. Thousands of people believe that Ripple’s XRP will surely become better than Ethereum and Bitcoin in 2021.

Since Ripple plays dual roles, it is cheaper and faster than other altcoins as a currency and a payment platform. Unlike its crypto rival, Bitcoin, Ripple has gained plenty of attention from the most prominent global banks, including Standard Chartered and Barclays, for cross-border transactions.

Last quarter, Ripple announced its new beta service called Lie of Credit, which allows more customers to purchase XRP on credit directly from Ripple. With this project, more customers can use this digital asset and accelerate their business performances and scales. Line of Credit aims to reach new customers and enter new markets. According to Ripple, ODL customers have piloted this project, and the initial reviews are overwhelmingly positive.

With the latest “Line of Credit” beta service, Ripple will start buying XRP to reduce supply. Many in the community worries about oversupply that might lead to poor price performance throughout 2021. However, Ripple assured that they will prevent it from happening and will continue to support healthy markets.

XRP Ripple Prediction: XRP is Ready for A Strong Growth

United States – After the 2020 XRP Ripple Swell Conference last October 15, 2020, Ripple CEO Brad Garlinghouse claimed that XRP is ready for the ultimate liftoff to $0.3. The cross-border token has recently reached the $0.26 mark. During the Swell Conference’s opening keynote, Garlinghouse revealed that the world has used XRP in about 20% of all transactions and has a nominal value of about $2 billion.

The Ripple CEO also shared the company’s mission to increase its pulling power in Asia. XRP’s speed, scalability, and low cost per transaction are beneficial for Asian business people and entrepreneurs with instant settlement and exchange. Currently, XRP Ripple has over two dozen customers, and most of them use MoneyGram, Azimo, Flash FX, and SendFriend. According to Garlington, these customers are using the on-demand liquidity in production.

The Ripple CEO also discussed Azimo’s huge success with XRP Ripple. According to Garlington, Azimo saves between 30% to 50% when arranging currency transfers between the Philippines and the United Kingdom using XRP and its on-demand liquidity. Thus, it is quite clear that 2020 has been a massive year for XRP. Many researchers predict that the public will see rapid XRP growth before 2020 ends. Ripple is very excited by the customers’ interests and how people see this cross-border currency’s real value.

Although Bitcoin continues to be the most appealing cryptocurrency among investors, some are starting to hold alternative assets, including XRP, leading to Ripple’s more significant growth. With more than 500 employees now, RIpple is surely more equipped to face the future and attract more customers.

Currently, they are promoting XRP in Asia. As Garlinghouse explained, most cryptocurrency transactions come from the Asia Pacific region. He further stated that this situation could help them attract more interesting customers in different Asian countries.

When the Ripple CEO spoke about the Line of Credit (LOC), he said that it would help many companies quickly adapt to the on-demand liquidity and upscale their businesses. With LOC, Ripple and its customers can step into a more convenient and safer world of financial services by adopting XRP. This platform indeed helps upscale companies since they no longer have to separate credit agreements in different countries.

Ripple has undoubtedly delivered a litany of good news at the Swell Conference 2020. The company surpassed over 300 new customers, including some giant and a global network of banks and payment providers.