Ripple will buy back 10 Billion XRP Coins: Rumors
Ripple executive dismissed all the rumors of Ripple’s 10 billion XRP coin buyback plans.
Ripple is a San Francisco headquartered blockchain firm. XRP coin runs on Proof-of-stake (PoS) crypto network and Ripple uses XRP coin to provide global crypto payment services. Since Dec 2020, Ripple has been in a legal hurdle with the United States Securities Exchange Commission (SEC) over the nature of the XRP coin.
In the last couple of days, many crypto Twitter users claimed that Ripple will buy back nearly 10 billion XRP coins from the crypto market, which is equal to 10% of the total circulating supply of XRP coins.
Ripple CTO David Schwartz officially responded to such news and said that Ripple usually buys XRP but not will buy in billions, as such information is in his knowledge and also confirmed that there is no official source against these news/rumors.
Some crypto Twitter users noted that there are some whales or bad actors, who are trying to manipulate the XRP coin trade price, to gain profit easily.
Misleading information & rumors are not new things in the crypto sector, earlier many bad actors gained huge profits with the help of fake news & rumors.
In Q3 2021, a few people spread fake news that the Litecoin (LTC) team officially jumped into partnership with the giant retail e-commerce platform Walmart. Because of the fake news, the Litecoin trade price surged significantly.
Later Walmart officially confirmed that all the news were fake & also confirmed that it would take legal action against the main culprit but nothing happened.
So here the Bitcoinik team advises crypto investors to always do research himself before investing in any crypto asset and always try to seek information from official sources to confirm the news/information.
Read also: Europe’s largest asset-servicing group secures crypto custody license
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