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Home Cryptocurrency news Ripple

Corporate Capitulation: Is Ripple’s Buyback A Sign Of XRP Struggles?

Tony Spilotro by Tony Spilotro
4 months ago
in Ripple
Reading Time: 2min read
ripple xrp crypto altcoins bitcoin xrpbtc

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XRP continues to be one of the most disappointing and dormant altcoins in the cryptocurrency market, three years running. The recent Bitcoin rally has caused the altcoin to fall to new lows on the XRPBTC pair, which analysts claimed could cause its army of supporters to “admit defeat.”

Instead, Ripple themselves have decided to buy back XRP at a critical support level against Bitcoin. Is this a sign of the parent corporation essentially capitulating itself, injecting capital so that crypto investors themselves don’t finally wave the white flag?

Ripple Introduces XRP Buy Back Program To Support “Healthy Markets”

All throughout the bear market, Ripple executives added salt to the wound of pained XRP investors, by selling down each rally. Even former Ripple executives have a sizable supply they regularly dump at investor’s expense.

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It became so frequent, it started to tick off the community and the company’s leadership had to reel it in. Now the trend has reversed fully, and Ripple is buying back XRP even when they already own the lion’s share of the total supply.

Related Reading | Trader: Bitcoin Bull Run Could “Force XRP Army To Surrender,” Admit Defeat

Ripple revealed in a new report that it has purchased some $46 million worth of XRP tokens in the third quarter of 2020. The company claims that it was done to support “healthy markets” and that the buybacks could continue to support the brand’s new Line of Credit initiative.

But when the purchase was announced in correlation to the XRPBTC price chart, can’t just be a simple coincidence.

ripple xrp crypto altcoins bitcoin xrpbtc

Ripple suspiciously begins buying XRP back at support against Bitcoin | Source: XRPBTC on TradingView.com

Parent Company Picks Pivotal Moment On XRPBTC Trading Pair For Reveal

As the chart above reveals, Ripple’s buyback in Q3 perhaps lifted XRP against Bitcoin slightly. When the tides turned back in favor of Bitcoin while the cryptocurrency charged to $16,000 this month, XRP only collapsed further to new bear market lows.

Interestingly, Ripple has chosen to reveal its buyback program the moment the XRPBTC price chart reaches a critical support level.

This area happens to be a do or die zone for XRP against Bitcoin, and if it can’t hold, could suffer a further decline where the “XRP army” finally “admits defeat.”

Related Reading | XRP Sweeps Bear Market Lows Against Bitcoin, Is It RIP For Ripple?

Ripple’s giving in and buying back XRP tokens could be a last ditched effort to save face with crypto investors before Bitcoin’s rally cannibalizes whatever capital is left.

If it works, however, it could kick off an extended uptrend in XRP finally, and reverse the negative sentiment associated with Ripple done during the bear market.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: altcoinbitcoinbtccryptoRipplexrpXRPBTCXRPUSDxrpusdt
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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