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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Emails Reveal: XRP Buybacks Were On The Table To Prop Up Price

Jake Simmons
Jake Simmons
2 years ago
4 mins read
Ripple XRP buybacks

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The recently published Hinman documents in the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) have caused quite a stir and strengthened the XRP army’s belief that the fintech will prevail against the regulator. What has attracted little attention, however, are the documents and emails that Ripple has had to release.

One issue is of particular interest. Just recently, the “XRP buyback” theory hit the headlines once again. In recent days, there has been a lot of speculation about a possible buyback of 10 billion XRP tokens by Ripple Labs. However, Ripple’s Chief Technology Officer (CTO) David Schwartz was quick to put a stop to these speculations. In a clarifying tweet, Schwartz wrote:

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.

Ripple Emails Reveal Musings About XRP Buybacks

Even though the XRP buyback theory (propagated by Valhil Capital’s CEO Jimmy Vallee) has been dismissed as absurd by Ripple executives several times in the past, recently released documents and emails reveal that the fintech company was considering XRP buybacks to prop up the price even shortly before the SEC lawsuit in June 2020.

In an email from Breanne Madigan, the VP Head of Global Institutions Markets at the time, she shared a presentation relating to XRP-O (On Demand Liquidity) supply concerns and the impact on the price. The presentation states that there are three possible narratives:

First, XRP supply, regardless of the source, has a similar impact on the market. Second, Ripple’s XRP supply has a greater impact on the market, possibly due to higher visibility. Third, Ripple theorizes that On-Demand Liquidity’s XRP supply has the greatest impact on the market, possibly due to higher visibility, lower neutral liquidity and wider spreads.

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The third scenario is the most likely, according to the presentation, and also the reason why XRP has underperformed BTC since its halving in early May 2020. Ripple writes that XRP sales via XRP-O have led to negative pressure on XRP price. It also says that buybacks could directly dampen the impact of XRP-O sales.

In total, the fintech company sets up five potential buyback options for XRP-O, each with a one to three month pilot period. These are:

(a) Repurchase XRP via market makers (MMs) on multiple exchange

(b) Repurchase XRP directly from MMs

(c) Repurchase XRP on xxxxx via MMs

(d) Reduce XRPO volumes and divert/ channel them to traditionals ODL

(e) Stop XRPO altogether

Jimmy Valhil’s #XRP buyback theory is extremely controversial. BUT:

Recent #Ripple emails from the SEC lawsuit show: the company was considering buybacks in June ’20 (few months before lawsuit) to prop up XRP price.

What would have happened without the lawsuit? #XRPArmy pic.twitter.com/FkPAatVyhG

— Jake Simmons (@realJakeSimmons) June 26, 2023

The recommendation of the creators of the presentation is option b) that Ripple buys back XRP directly from MMs (short-term plan). In the long term, the team recommended that Ripple sets up a new company and develops internal expertise.

Related Reading: ‘Ripple (XRP) Is A Must-Hold For The Next Bull Run,’ Says Bitcoin Maxi

What the plans would have become without the SEC complaint can only be speculated. However, the documents show that Ripple is definitely pondering about XRP buybacks (but probably not like Valhil theorizes).

A Stumbling Block For Ripple?

However, popular Twitter user @JayVTheGreat has also pointed out a negative revelation from Ripple’s emails. He writes: “Don’t fool yourself or let anyone fool you into thinking that #ripple wasn’t marketing #xrp to speculators/retail.”

He is referring to an email from Monica Long, the current general manager at Ripple. In the email, Long writes that:”it’s clear that we’re going to have to invest our near-term energy into attracting speculators.” The statement is critical in that Ripple has always denied advertising XRP as a speculative investment.

Don’t fool yourself or let anyone fool you into thinking that #ripple wasn’t marketing #xrp to speculators/retail.. pic.twitter.com/9GRgLCiA4d

— Jay’V🪬 (@JayVTheGreat) June 25, 2023

At press time, the XRP price stood at $0.4827, consolidating below the key resistance zone around $0.50.

Ripple XRP price
XRP price continues consolidation, 1-day chart | Source: XRPUSD on TradingView.com

Featured image from iStock, chart from TradingView.com

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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