Ripple for the first time bought $ 46 million worth of XRP to "support healthy market"
Ripple team said the purchase was made to support "healthy markets", possibly referring to growing interest around XRP and thus raising its price. A Ripple spokesman told the press that the company could continue to buy XRP to support newly launched product - Line of Credit beta - which allows On-Demand Liquidity (ODL) customers to buy XRP on credit from Ripple. The ODL solution uses XRP to transfer funds. Ripple is building new ODL capabilities to dynamically source XRP liquidity from the open market, not just Ripple. The sales related to ODL include the sale of XRP to support the ODL (including the credit line) and essential for the entire infrastructure. Ripple sold $ 35.84 million of XRP to ODL customers in Q3 on a net basis, compared to $ 32.55 million of XRP for direct institutions in the second quarter. In the third quarter, there was no automated sale, i.e. the sale of XRP on cryptocurrency exchanges.