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Ripple Announces Stock Buyback

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Today’s Cryptocurrency Headline

Ripple announced a $15 billion valuation to buy back stock from its Series C investors, including Tetragon, a company that unsuccessfully sued Ripple last year. At the last funding round (December 2019), Ripple was valued at around $10 billion. The buyback and valuation are notable because it shows that Ripple is optimistic about its prospects despite the lawsuit from the U.S. SEC. “The buyback places Ripple’s new valuation at $15B and reflects Ripple’s strong position in the market and global company momentum – Ripple’s global business has grown exponentially and 2021 was the company’s best year to date,” the company said. The company says that its RippleNet platform has seen transactions double in 2021. It also signed Bhutan and Palau as CBDC clients. 

BingX’s Bitcoin Chart

Bitcoin price to look at today at BingX

Source: TradingView& BingX

ARK Investment Management, an investment management firm led by Cathie Wood, predicted on Tuesday that the price of bitcoin could exceed $1 million by 2030, as the global usage of the cryptocurrency is still in its early stages. ARK analyst Yassine Elmandjra wrote: “Bitcoin’s market capitalization still represents a fraction of global assets and is likely to scale as nation-states adopt it as legal tender.” BTC bounced back to the $38,000 price level today and it could reach the 20-day moving average($40,595), which is the next strong resistance level. If the price fails to break this level, the bears will attempt to pull the price below $33,000. Conversely, if the price breaks above the 20-day MA, the bulls will try to push the price to the 50-day MA($44,900).  

 

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