XRP trades flat despite VivoPower announcing $121M raise to back XRP-focused treasury

Despite a significant announcement from energy firm VivoPower, XRP is trading at $2.29, down 1.1% in the past 24 hours and over 4% for the week. The token is displaying signs of consolidation and is has ranged between $2.24 and $2.47 in the past seven days. The trading volume for XRP ( XRP ) reached $2.16 billion, up 6% in the past 24 hours. Derivatives data from Coinglass shows a 20.2% spike in volume to $3.95 billion, while open interest dropped 0.95% to $4.78 billion, indicating mixed sentiment among leveraged traders. The latest price action follows a major announcement from Nasdaq-listed energy firm VivoPower. On Wednesday, May 28, the company announced it had raised $121 million in a private share offering led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud. VivoPower says it will use most of the proceeds to establish an XRP-focused treasury reserve, making it the first publicly traded firm to adopt such a strategy. The offering involved 20 million shares sold at $6.05 each, slightly above the stock’s previous closing price. You might also like: XRP price nears four-month low as death cross looms against Bitcoin Following the news, VivoPower shares spiked 26% before settling around $6.75, still up 11% on the day. The move drew praise from XRP insiders, including former Ripple board member Adam Traidman, who has joined VivoPower as Chairman of the Board of Advisors. “We are honored to be leading this capital raising for a company that will be the first in the world to execute an XRP-focused treasury strategy,” said Prince Abdulaziz. Kevin Chin, VivoPower’s Executive Chairman, emphasized a shared long-term vision with the XRP community. Despite the announcement, the token failed to pick up steam. XRP’s technical indicators suggest a short-term neutral-to-bearish bias. Now in neutral territory and lacking any clear momentum, the relative strength index stands at 46. The moving average convergence divergence has also turned slightly bearish. XRP price analysis. Credit: crypto.news The majority of moving averages are flashing sell signals, particularly the 10–30 EMAs and SMAs. The longer-term averages, such as the 100- and 200-day SMAs, remain above the current price levels, indicating that the bullish sentiment hasn’t entirely subsided. If XRP can recover the $2.40 resistance level with more volume, it might retest the upper end of its weekly range at $2.47 and possibly break higher in a bullish scenario. In the short term, a push above that might pave the way toward $2.60. However, XRP may return to the $2.10 support level if selling pressure increases and the price falls below $2.24. With organizations like VivoPower entering the market and investors’ attention now turning to the Securities and Exchange Commission’s pending rulings on XRP ETFs, XRP remains a token to keep an eye on. Read more: XRP forecast indicates $3.50 next, Unilabs leads Q2 gains

Source: crypto.news