Ripple CTO Addresses Rumors of $5 Billion XRP Buy Back

There’s been a rumor circling cryptocurrency-oriented social media circles throughout the past couple of days, that Ripple is planning to buy back 10 billion XRP tokens, currently worth just shy of $5 billion.

• The first to question the rumors was John Deaton, a lawyer representing thousands of XRP holders, who said he doesn’t believe it until the company itself confirms it.
• The rumors were spreading like wildfire, though, as it tends to oftentimes be the case.
• David Schwartz, who is the CTO of Ripple, dismissed them yesterday.

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.

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

• XRP has failed to move on the rumors, trading at 1.4% loss in the past 24 hours and 1.2% for the past seven days.