Worksport Adopts XRP and Bitcoin as Treasury Assets
Nasdaq-listed Worksport Limited announced plans to integrate Ripple’s XRP and Bitcoin into its corporate treasury, committing up to $5 million for acquisitions. The move aims to enhance transaction efficiency and position cryptocurrencies as a hedge against inflation.
"Our adoption of Bitcoin and XRP reflects our commitment to innovation and shareholder value," stated Steven Rossi, CEO of Worksport.
This decision aligns with growing institutional adoption of digital assets and marks a significant milestone for XRP, currently embroiled in a legal battle with the SEC.
SEC Legal Battle and Regulatory Optimism
Ripple’s ongoing case with the SEC may see resolution under new SEC Chair Paul Atkins, appointed by President-elect Donald Trump. The SEC’s appeal challenges parts of Judge Analisa Torres’s ruling but does not contest XRP’s non-security status.
Ripple CEO Brad Garlinghouse endorsed Atkins’ appointment:
"Paul Atkins will restore common sense to the SEC, ending crypto prohibitions and fostering economic growth."
A pro-crypto SEC could expedite Ripple’s case and improve industry relations.
XRP Price Analysis: Support at $1.96
XRP dropped 5% following Worksport’s announcement, triggering $55.26 million in liquidations. Key levels to watch:
- Resistance: $2.58
- Support: $1.96 (aligned with 0.382 Fibonacci retracement).
Technical Indicators:
- RSI: Trending downward from overbought territory, signaling weakening bullish momentum.
- 14-day EMA: Critical support; a break below $1.96 may target $1.35.
FAQs
1. Why is Worksport adding XRP to its treasury?
Worksport aims to leverage XRP’s efficiency for transactions and diversify assets as a hedge against inflation.
2. How does the SEC’s appeal affect XRP?
The appeal challenges parts of Ripple’s case but does not dispute XRP’s non-security classification, preserving its legal clarity.
3. What’s next for XRP’s price?
If $1.96 support** holds, XRP could rebound. A breakdown may push prices toward **$1.35.
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Disclaimer: This content is for informational purposes only and not investment advice. Conduct thorough research before making financial decisions.
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