- Ripple CEO denies Circle acquisition rumors at Las Vegas event.
- XRP price rose 10% on false news, now trades at $2.23.
- Market cap at $131.34B, 24h volume up 11.65% to $2.15B.
- RLUSD stablecoin gains NYDFS and DFSA approval for XRP Ledger.
Ripple CEO Brad Garlinghouse has slammed rumors about an acquisition of Ripple Circle at an event in Las Vegas. Speaking to Georgetown Law professor Chris Brummer, though, Garlinghouse pointed out that Ripple never proposed buying Circle, the issuer of USDC stablecoin.
The statement manages to contradict earlier reports that claimed that Ripple proposed $4 billion and $5 billion to buy Circle. In reality, allegations were responsible for a momentary increase in the price of XRP.
Garlinghouse Addresses False Acquisition Claims
Talking about the speculations surrounding the acquisition, Garlinghouse did so at the Ripple Conference non–broadcast session in Las Vegas. Ripple denied having pursued a deal with Circle, which finance news site The Information last week reported was for $4 to $5 billion.
On X, Chris Brummer tweeted out some insights from the discussion, including that Garlinghouse outright rejected the acquisition narrative. Instead, the professor pointed out the CEO’s desire to focus on what Ripple is looking forward to.
The rumors of acquisition started floating around in late April, with some sources like Bloomberg saying that Circle shot down the deals as offered by Ripple, deeming them not enough. Unverified claims on X later added to the speculation, with some saying the bid was now up to $20 billion.
Since then, Circle has denied talking of acquiring Ripple or any other company like Coinbase. In a statement, the company denied any plans to sell the company and said it remained committed to its long-term objectives.
XRP Price Movement and Market Impact
A negative effect was seen in the market performance of XRP as a result of the announcement of the fake purchase. The price of XRP increased by more than ten percent, going from $2.1 to $2.3, the moment the first rumors began to circulate. However, the price was later corrected after Garlinghouse’s denial.
As of the 4th of June, XRP was trading for $2.23, representing a 4.39% increase from the previous month. Its market cap stands at$131.34 billion, which is up 1.04%, and the 24-hour volume is $2.15 billion, which is a 11.65% rise.
XRP’s fully diluted valuation stands at $223.52 billion. The volume-to-market cap ratio is 1.63%. Currently, 58.75 billion XRP are in circulation.
The market’s sensitivity to acquisition rumors is shown by the pump and subsequent correction of the price. With Garlinghouse’s clarification, the intent is to calm investor sentiment and shift focus back onto Ripple’s strategic directions.
The blockchain initiatives continue to move forward by Ripple, as Garlinghouse stresses the forthcoming RLUSD stablecoin. The digital asset has been approved by New York’s NYDFS and Dubai’s DFSA, having the stablecoin ranked as a core asset for XRP deals.
