by Vincent Muthee
VivoPower, a Nasdaq-listed energy firm, has raised $19M to expand its XRP treasury strategy. This move follows the firm’s plans to strengthen its long-term digital asset holdings amid growing corporate adoption of digital assets.
Meanwhile, XRP whales have made significant token movements over the last 24 hours. Data also shows that whales have been accumulating XRP aggressively in recent times.
VivoPower’s XRP Treasury Plans
As part of its plans to develop a digital asset treasury, VivoPower announced that it had raised $19 million from a common stock offering. The additional shares were sold at $6.05 per share totaling to $19 million, as per the official press release.
“VivoPower International PLC…is pleased to announce that it has successfully closed an equity raising with the issuance of additional common shares at $6.05 per share, a premium to the last market closing price and translating into a gross total of approximately $19 million,” the announcement.
As confirmed in the official announcement, these funds will be used to expand the firm’s XRP treasury holdings. Earlier in May this year, Blockchain News reported that the Nasdaq-listed energy company had entered an agreement to use a $121 million private share placement to fund its creation of an XRP-focused digital asset treasury.
Whales Move $1.3 Billion XRP Tokens
Following the announcement by VivoPower, whales have moved a total of $1.3 billion XRP tokens. As flagged by whale movement tracking platform, Whale Alert, these tokens were moved in various transactions over the last 24 hours.
In particular, there were 700 million tokens moved between unknown wallets as per Whale Alert. However, these tokens were locked in Escrow by Ripple.
The other 500 million XRP tokens were moved in two distinct transactions: One involving 300,000 million and another 200,000 million. These tokens were moved from unknown wallets to Ripple.
250 Million Tokens Accumulated
Besides significant token movements, whales have also been on a purchasing spree. As observed by crypto analyst Ali (@Ali_Charts) on X, these XRP whales have bought a total of 250 million tokens over the last 48 hours.
Usually, whale accumulations of this level indicate that big investors are buying in anticipation for a price rally. Previously, such large accumulations have preceded an upward price movement for the price of the Ripple-backed coin.
XRP Price Action
As of this writing, XRP is trading at $2.99 having surged by 2% over the last 24 hours. At the moment, the coin has bagged $179.05 billion in market capitalization pushing it to the 3rd spot per coin ranking by market cap. This means XRP has surpassed Tether’s USDT stablecoin in market cap.
The Exponential Moving Averages (EMAs) also suggest that the coin is on an uptrend. The current price is sitting above the 20-day, 50-day,-100-day and 200-day EMAs. These EMAs have a reading of $2.91, $2.92, $2.84 and $2.61. All these levels act as strong support levels for XRP.
Furthermore, the Relative Strength Index (RSI) of XRP on the daily chart has a reading of 54.61 suggesting that the coin is on a bullish momentum. Moving forward, the price could thus surpass $3.0 and move further up as market eyes an XRP ETF approval in October.
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