Despite XRP’s lower price, Ripple has continued to commit billions of dollars to purchase the cryptocurrency asset from the secondary market. According to data shared by Blockworks, Ripple Labs has spent nearly 75% of the revenue generated from the sale of XRP on buying the tokens back from secondary markets. 

Blockworks noted that while Ripple has publicly reported a total of $11.1B in ODL-related XRP sales from the beginning of 2021 to the end of 2022, the company has spent $8.4B buying back the token from secondary markets to meet the needs of its ODL clients. 

As reported earlier, Ripple’s XRP sales in Q4 were around $2.96 billion. Interestingly, the company bought back about $2.73B worth of XRP from secondary markets in the same quarter. Ripple said it would continue to buy back XRP from secondary markets as long as the ODL service gains global adoption. 

The move is part of efforts being made by Ripple Labs to sustain XRP markets and to shield holders of the token from suffering further losses. 

Related Readings:

Ripple Locks 600M XRP in Escrow, as Whales Move 612M XRP

Ripple Sold $226M Worth of XRP in Q4 2022, Latest Quarterly Report Reveals

Big Banks Eyeing Ripple Court Case as XRP Price Holds Onto Gains

Ripple’s Garlinghouse Hopeful on Outcome of XRP Lawsuit As He Stays Bullish on Crypto Market