XRP, one of the top gainers in the past 24 hours, has seen a significant increase in price due to a move made by Ripple. The crypto firm allegedly bought back around 700 million XRP from the open market, a strategy it often employs to maintain stability and liquidity in the XRP markets. This buyback could explain the sudden surge in the token’s price.

Previously, there were speculations that XRP’s underperformance was a result of price manipulation by Ripple. However, a crypto sleuth named Mr. Huber suggests an alternative explanation. He believes that the decline in XRP’s price could be attributed to Ripple’s ODL customers selling their XRP tokens on the open market. Ripple’s sales to these customers do not impact prices on exchanges, but when these customers sell to retail investors, it affects the price. To stabilize the XRP price, Ripple may have bought back these tokens, as indicated by the decline in XRP’s circulating supply.

Before the revelation of Ripple’s buyback, Mr. Huber expressed concern about XRP’s price action. Despite a ruling that XRP is not a security, the token lost all the gains it made against the broader crypto market. Many expected the legal clarity to boost XRP’s price, but it has been on a decline since then. This decline is particularly concerning as the broader crypto market has been picking up.

As of now, XRP is trading at around $0.69, showing a 7% increase in the last 24 hours.