XRP price could surge to new heights if Ripple’s stock hits $1,000, as Ripple CEO Brad Garlinghouse confirms the company’s buyback of $1.4 billion in shares.
As recently reported by The Crypto Basic, Garlinghouse disclosed this while speaking at the recently-concluded Fortune Brainstorm Tech Conference in Park City. However, during the interview, the Ripple CEO emphasized that an IPO might not come up soon.
Ripple CEO Confirms $1.4B Shares Buyback
Garlinghouse cited the aggressive stance from the U.S. SEC against the crypto industry as a factor for the delay. The ongoing lawsuit between Ripple and the SEC also plays a crucial role. According to Garlinghouse, he is not very popular within the walls of the securities agency.
Despite the delay, Ripple’s actions confirm that the company still has plans to go public. The forthcoming U.S. presidential elections could significantly influence this event. Notably, a change in the current government is capable of enforcing a shift in the crypto regulatory approach in the United States, potentially setting up a favorable atmosphere.
One of Ripple’s actions pointing to a bullish future is its persistent shares buybacks. The company has continued to repurchase its shares from investors and employees, Garlinghouse confirmed. In January, The Crypto Basic revealed that Ripple had bought back $285 million in shares.
Speaking to Fortune, Garlinghouse noted that the company is currently undergoing a tender offer. According to him, with the close of this tender offer, Ripple would have bought back $1.4 billion in its shares. This confirms the company’s bullish sentiment around its IPO future.
XRP Price if Ripple Stock Hits $1,000
Currently, data from investment platform Linqto suggests that Ripple’s stock currently sells for $40.99 for pre-IPO investors. Several market commentators have predicted that this figure could witness a substantial increase after the IPO. XRP community figure Zach Rector argued that Ripple’s IPO could be one of the biggest in recent times.
Should these bullish projections materialize, and Ripple’s shares hit lofty price targets such as $1,000, this could have a positive impact on XRP’s price. A rise from $40.99 to $1,000 would require a massive 24.396x increase. If XRP records a comparative surge, its price could rise from the current $0.5997 figure to a new ATH of $14.63.
At this rate of increase, a $5,000 investment in XRP at the current price could skyrocket to $121,970. However, this assessment relies on several factors that might not play out perfectly. For instance, there is no guarantee that Ripple’s share will hit $1,000. Also, it is uncertain how XRP’s price would react should that even occur. As a result, investors should not take this as investment advice.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
