Ripple buys back $200 million worth of shares, set to go public at the end of the lawsuit
- Ripple bought back $200 million worth of Series C shares from its lead investor, a UK-based investor firm.
- The payments giant strengthened its balance sheet, set to go public at the end of the SEC vs. Ripple lawsuit.
- Analysts have predicted Ripple price rally to $2.31, target of the symmetrical triangle.
Payments giant Ripple is on track to go public as it buys back $200 million worth of its series C shares from a lead investor. Analysts are bullish on Ripple's recovery and predict a rally to $2.31.
Ripple strengthens its balance sheet with share buyback
Payments giant Ripple moved to solidify its financial position buying back $200 million worth of Series C shares. Brad Garlinghouse, CEO of Ripple, announced redemption of UK-based investor Tetragon Financial Group's.
Ripple's global payments giant is currently worth $15 billion, a record high. Proponents believe that Ripple is strengthening its balance sheet ahead of its plans to go public.
Garlinghouse revealed Ripple's plans to go public once the legal battle with the SEC ends. SEC vs. Ripple lawsuit has dragged on for over a year now. Despite the legal dispute, 2021 was one of the strongest years for the payments giant.
Brad Garlinghouse was quoted as saying:
Even with 2021's headwinds, it was our best year on record, strongest we've ever been.
Ripple has planned its diversification in 2022. The payments giant plans to bring a wide range of capabilities to the XRP Ledger. Ripple's On-Demand Liquidity (ODL) partners and developers are keen on working in cohesion to boost the capabilities of the altcoin's network.
@DaCryptoGeneral, a crypto analyst and trader, evaluated the Ripple price trend and predicted a rally in the altcoin. Ripple price is currently consolidating inside a potential symmetrical triangle, and analysts believe a breakout is confirmed. @DaCryptoGeneral has set a target of $2.31 for Ripple price.
$XRP (1D); price is currently consolidating inside a potential symmetrical triangle.
— CRYPTO GENERAL (@DaCryptoGeneral) January 17, 2022
I'm expecting a big move in price to upside once the breakout of the symmetrical triangle is confirmed,the price will rally to key level around $2.31 as the target of the symmetrical triangle pic.twitter.com/iL1sPR55wy
FXStreet analysts have predicted that Ripple price could return to $1.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
