• Ripple CTO David Schwartz addressed rumors that the company is planning to buy back $5 billion worth of XRP tokens.
• John Deaton, a lawyer representing thousands of XRP holders, questioned the rumors and said he doesn’t believe it until Ripple confirms it.
• According to Schwartz, there is no official source for the rumor and Ripple does not have any specific plans to buy back tokens at this time.
Rumors of $5 Billion XRP Buy Back
Recently, rumors have been circulating in cryptocurrency-oriented social media circles that Ripple is planning to buy back 10 billion XRP tokens, currently worth just shy of $5 billion.
John Deaton’s Questioning
John Deaton, a lawyer representing thousands of XRP holders, was the first to question these rumors and said he does not believe them until they are officially confirmed by the company itself.
David Schwartz’s Response
David Schwartz, CTO of Ripple, responded by saying that while the company does sometimes buy XRP tokens, there is no specific plan in place for a large-scale buyback at this time. He also noted that there is no official source for these rumors.
XRP Price Movement
Despite the rumors swirling around in social media circles about this potential large-scale buyback from Ripple, XRP prices have remained relatively unmoved with only 1.4% loss in the past 24 hours and 1.2% for the past seven days.
In conclusion, despite some speculation on social media circles regarding Ripple potentially buying back billions worth of XRP tokens, David Schwartz has denied such plans and stated that there is no official source mentioned regarding this matter either. Therefore, it appears as though investors should not expect any significant price movement from XRP due to these rumors anytime soon.