Ripple Buys $ 46 Million XRP: Here's Why

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LPRipple bought XRP worth $ 46 million for the first time in the third quarter of 2020, despite having almost half the supply of the digital asset.

 

 Ripple said the purchase was made to support a "healthy market"; presumably expressing thoughts on generating interest in XRP and therefore increasing its price.

 

 

 According to the news in The Block, a Ripple spokesperson may continue to purchase XRP to support the Line of Credit beta, the company's newly launched product; He said that this enabled On-Demand Liquidity (ODL) customers to buy XRP on credit from Ripple. In the ODL solution, XRP is used for fund transfers.

 

 The spokesperson said, “In the long run, Ripple will be able to use XRP liquidity not only from Ripple; It is building new ODL features to dynamically derive it from the open market, ”he said.

 

 

 

 Ripple's third quarter sales were also related to the ODL solution. "The sales of ODL include XRP sales made to support ODL (including Line of Credit) underlying infrastructure," the spokesman said.

 

 Ripple in the third quarter compared to $ 32.55 million of XRP in the second quarter, which it sold to institutions; ODL has sold a net worth of XRP to its customers for $ 35.84 million. In the third quarter, the programmatic sale, that is, the sale of XRP to the crypto money exchanges, was not carried out.

Ripple opens its regional office in Dubai

 Ripple, on the other hand, has opened a new regional headquarters office in Dubai International Financial Center (DIFC) with its own independent judicial system and regulatory framework.

 

 According to the website, there are more than 2,400 companies in this financial center. In addition, DIFC is a financial center with its own “independent judicial system and regulatory framework”. "Ripple already has a significant customer base in the MENA region, and the opportunity to be in the same place with our customers has made DIFC a natural choice," said Navin Gupta, South Asia and MENA executive Ripple.

 

 “Our regional office will act as a springboard to promote our blockchain-based solutions and deepen our ties with more financial institutions in the region,” he added.

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