XRP News Today: VivoPower Raises $121 Million for XRP Treasury Reserve

VivoPower, a Nasdaq-listed energy firm, recently announced a significant development that has garnered attention in the cryptocurrency community. The company revealed that it had successfully raised $121 million through a private share offering. This capital raise was led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud and involved the sale of 20 million shares at $6.05 each, slightly above the stock’s previous closing price. VivoPower plans to allocate a substantial portion of these proceeds to establish an XRP-focused treasury reserve, marking a pioneering move as the first publicly traded firm to adopt such a strategy.

Despite this notable announcement, the price of XRP has remained relatively stable, trading at approximately $2.29. This price point represents a slight decline of 1.1% over the past 24 hours and a more significant drop of over 4% for the week. The token has been consolidating within a range of $2.24 to $2.47 over the past seven days, indicating a period of market indecision. The lack of significant price movement suggests that investors may be awaiting further developments or clarity on the regulatory front, particularly regarding the Securities and Exchange Commission’s pending rulings on XRP ETFs.

The market sentiment surrounding XRP appears to be mixed. Derivatives data shows a 20.2% spike in volume, while open interest dropped, indicating that while there is increased activity in the derivatives market, leveraged traders are not uniformly bullish or bearish on the token. The technical indicators for XRP also suggest a short-term neutral-to-bearish bias. The relative strength index stands at 46, indicating neutral territory, and the moving average convergence divergence has turned slightly bearish. The majority of moving averages, particularly the 10–30 EMAs and SMAs, are flashing sell signals. However, the longer-term averages, such as the 100- and 200-day SMAs, remain above the current price levels, suggesting that the overall bullish sentiment has not entirely dissipated.

The announcement from VivoPower has drawn praise from XRP insiders, including former Ripple board member Adam Traidman, who has joined VivoPower as Chairman of the Board of Advisors. Prince Abdulaziz expressed his honor in leading the capital raise for a company that will execute an XRP-focused treasury strategy. Kevin Chin, VivoPower’s Executive Chairman, emphasized a shared long-term vision with the XRP community. This strategic move by VivoPower could potentially influence the broader market sentiment towards XRP, as it demonstrates a significant commitment to the token by a publicly traded company.

In the short term, XRP’s price action will likely be influenced by a combination of technical factors and market sentiment. If the token can recover the $2.40 resistance level with increased volume, it might retest the upper end of its weekly range at $2.47 and potentially break higher in a bullish scenario. Conversely, if selling pressure increases and the price falls below $2.24, XRP may return to the $2.10 support level. As organizations like VivoPower enter the market and investors’ attention turns to regulatory developments, XRP remains a token to watch closely. The upcoming rulings on XRP ETFs by the Securities and Exchange Commission could provide further clarity and potentially drive significant price movements.