The crypto world’s much talked digital asset XRP rises back to limelight, as the makers boast the protocol’s flex. The lawsuit-ridden protocol has been yearning for a relief from the gloom, which has been tormenting the digital asset, makers, and the holders. While the lawsuit finds no end in sight, with frequent extensions in the deadline.
Consecutively, the recent announcement of the firm buying back its shares, has escorted some relief to the members of the fraternity.
However, sections have been pondering over the move by Ripple, and have been contemplating the permutations and combinations of the buy back.
Has Ripple Bid Adieu To The SEC?
Brad Garlinghouse, CEO of Ripple in a recent tweet has made announcements. That Ripple has bought back their series C (Dec 2019) shares at a $15 B valuation.
The makers also claim that even with the headwinds of 2021, the firm has registered the best year on record. And that Ripple’s financial position with a billion dollars in the bank has been the strongest in history.
Speculations are rife following the announcement of Ripple buying back its shares. While some are optimistic and elated of them having enough cash.
On the contrary, some are speculating about the firm moving their base out of the country. Which does seem justifiable, as previously we have encountered the firm hiring employees for their overseas locations.
Consecutively, the bought back series C shares were held by Tetragon, Route 66, and SBI. While Tertagon is now out of the league, SBI and Route 66 remain invested.
However, netizens are now pondering over the positions held by SBI and Route 66. The firm now seems to be less concerned about the expert discovery of its lawsuit, which is moved to February 28th.
Will XRP React To The Recent Moves By The Makers?
Ripple has grown much more than cross-border payments, with its crypto native offerings such as liquidity to enterprise. The network has a current volume run rate of over $10 B. Ripple X, XRPL and its foray into NFTs, CBDCs, interoperability bridges, sidechans, and more.
Successively, a source from the business enlightens that Ripple had a 25X growth in ODL as per previous statements. That combined with their current run rate at 10 B, another 25X growth in ODL would put the daily on-chain volume at over 650 million per day. Presently the ODL is about 2.7% of all trading volumes.
With another growth of 25X in the ODL for the current year, whilst maintaining the ratio of ODL to overall trading volume at 2.7%. Would propel the daily average volume to or beyond $25 B per day for XRP.
Summing up, the move has taken public platform’s by storm and has led to a number of speculations and talks. That said, it is overwhelming to know that the platform has been growing despite the ongoing lawsuit. Based upon the above mentioned statistics, XRP would benefit now or later.
Source: https://coinpedia.org/altcoin/is-this-the-much-needed-catalyst-by-ripple-to-fuel-xrp-price-rally-to-3-2/