Ripple XRP is reaching a milestone. The Nasdaq listed Worksport Limited is adding XRP to its corporate treasury of $5 million. There are more companies now that have cryptocurrency as part of their corporate treasuries. This shows a rising interest by big institutions for digital assets.
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Nasdaq Ripple: The New Age in Cryptocurrency Tsunami Adoption
Worksport’s Strategic Crypto Investment of $5M
Worksport Ltd. makes tonneau covers. The company plans to spend $5 million in Bitcoin and XRP. The Worksport Crypto Treasury Plan will allow for faster transactions, and help to fight inflation. CEO Steven Rossi said:
“Our upcoming adoption of Bitcoin (BTC) and XRP (Ripple) reflects our commitment to staying ahead of market trends while prioritizing operational efficiency and shareholder value.”
SEC leadership change boosts XRP outlook
Nasdaq’s announcement of XRP adoption comes at the right time. Gary Gensler, the SEC chair will be stepping down from his position on January 20, 2019. Paul Atkins, the nominee of President-elect Trump for SEC Chairman, was selected by Trump. Ripple’s community was excited by this news.
Ripple CEO Brad Garlinghouse tweeted:
“An outstanding choice – Paul Atkins at the helm of the SEC will bring common sense back to the agency. Along with Hester Peirce and Mark Uyeda, it’s time to swiftly and definitively end the prohibition era on crypto, restoring freedom of choice, economic growth, and innovation.”
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Ripple XRP market response and technical analysis
Prices were affected by the news about cryptocurrency’s treasury. The price of XRP fell 5%. The result was $55.26 millions in liquidations. Long positions have lost $42.3 millions. Short positions suffered a loss of $12.96 Million. Nasdaq XRP now tests support at the 14-day EMA. Near $1.96, the Fibonacci 0.382 level provides more support.
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Regulatory Landscape and Future Outlook
Under new leadership, the SEC case against Ripple could be over soon. SEC doesn’t contest XRP being a non security for retail investor. The SEC also reduced the penalty from $2 billion down to $125 millions. As a result of Worksport’s move to adopt crypto-treasury, many institutions could now use XRP.
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Source: watcher.guru
