Trump reportedly met with a Saudi Prince, who then decided to invest $121 million in XRP.
Saudi Arabia's Eleventh Holding Company, led by Prince Abdulaziz bin Turki Abdulaziz Al Saud, has invested $121 million in VivoPower International, a Nasdaq-listed renewable energy firm that plans to focus on XRP as a primary reserve asset.
The investment marks the first instance of a publicly traded company adopting such a strategy, positioning XRP as a corporate reserve asset and potentially encouraging similar moves by other companies in the future.
VivoPower sold 20 million shares at $6.05 apiece in the private placement round. As of writing, the company's shares were trading at $4.90, up 15%.
Investment rumors surrounding the Prince and XRP were confirmed in the statement. He acknowledged that he has held XRP for some time and was attracted to VivoPower's strategic focus on the digital asset.
Adam Traidman, a former Ripple executive, also participated in the investment, joining the company's advisory board.
Despite this significant development, XRP's price remains relatively unchanged. Over the past week, XRP has dropped by 7.75%. At the time of writing, it was trading at $2.19 on Kraken.
This move from Saudi Arabia is seen as a significant step towards the global acceptance of cryptocurrencies, aligning with the country's broader push into digital transformation and financial technologies. The strategic alignment with the potential inclusion of XRP in a proposed US government digital asset stockpile adds to its institutional appeal.
The investment could drive heightened institutional interest in XRP, similar to how MicroStrategy's adoption of Bitcoin impacted corporate sentiment towards Bitcoin. It also sets the stage for VivoPower's commitment to building new infrastructure on the XRP Ledger, supporting the expansion of decentralized finance and real-world blockchain solutions.
This development underscores the increasing convergence of institutional and sovereign interests with blockchain-based digital assets, particularly in the context of crypto treasury strategies. However, the immediate price impact may be tempered by broader market conditions.
Prince Abdulaziz bin Turki Abdulaziz Al Saud's investment of $121 million in VivoPower International, a Nasdaq-listed firm focusing on XRP as a primary reserve asset, demonstrates the growing interest of finance and technology sectors in cryptocurrencies, potentially encouraging other companies to follow suit. As a result, this strategic move could stimulate increased institutional interest in XRP, influenced by the influential participation of Adam Traidman, a former Ripple executive.
