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In the third quarter of 2020, Ripple repurchased $ 45.55 million of XRP, despite already owning nearly half of XRP’s total supply. Ripple complaints they are “buying – and may continue to buy – XRP to support healthy markets.” This reveals that the already struggling XRP digital currency would have an even tougher time in the markets if it weren’t for its parent company continually backing it with buy orders.
However, Ripple – and one of its co-founders – participate in market activities that are likely to bring the price of XRP down as often as Ripple engages in activities to keep the price high. In the third quarter, Ripple sold XRP for $ 35.84 million. In a February interview with the Financial TimesRipple CEO Brad Garlinghouse was asked if the company’s XRP sales are maintaining positive cash flow, which Garlinghouse responded to.
“Well, XRP is a source. I don’t know how to answer you because if you take away the revenue from the software, it will make us less profitable. If you took all of our XRP away from us, that makes us less profitable. So I don’t think of it as one. “But he later clarified:” We would not be profitable or positive cash flow. ”
Furthermore, in May 2020 it was revealed that the co-founder of Ripple Jed McCaleb sells XRP for millions of dollars on the market almost every day.
The new Ripple headquarters
Recently, Ripple mentioned that it is interested in moving its headquarters to a “friendlier jurisdiction”, in other words, outside the United States. Ripple said they are interested in making this move because there is a lack of regulatory clarity around the blockchain and digital currency industry in the United States. While there have been no updates regarding the relocation of the company’s headquarters, Ripple has announced that it will be opening its regional headquarters in the Middle East and North Africa in the Dubai International Financial Center.
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