Is XRP transforming into an enterprise reserve asset?

Recently, the role of XRP is quietly changing, starting with the large-scale coin purchase plan announced by the Nasdaq-listed company VivoPower International. The company announced it will invest $121 million to purchase XRP and plans to transform into a digital asset enterprise focused on XRP. This decision indicates that the potential of XRP as a reserve asset is gaining more attention from various institutions.

Immediately following, the Chinese startup in mobile transportation, Webus, also announced plans to establish an XRP funding reserve of up to $300 million, and has reached a cooperation agreement with the asset management institution Samara Alpha, which elevates the enterprise application of XRP to new heights.

XRP embarks on a Bitcoin-style journey as a reserve asset.

Recent remarks by former U.S. President Trump have also added positive policy implications for XRP. In a publicly issued statement regarding a strategic crypto fund, he specifically mentioned XRP, Solana, and Cardano as potential domestic tokens for the United States, along with Bitcoin and Ethereum, further strengthening the compliance narrative around XRP.

VivoPower collaborates with former Ripple board member Adam Traidman to create a decentralized financial strategy based on XRP. The company revealed that the funding sources include the Saudi royal family and several high-level figures in the cryptocurrency field, and has appointed Adam as the advisory chairman. In the future, this funding will be used for debt repayment and building a digital treasury for the company.

New twists in SEC lawsuit

As the XRP market strengthens, the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple is still ongoing, and a new dramatic turn has emerged. Justin W. Keener, who has been accused by the SEC of being an unlicensed securities dealer, recently submitted a five-page letter claiming that he possesses key evidence that could rewrite the SEC’s characterization of XRP.

Keener questioned the application logic of the Howey Test in a letter and revealed that he had spent $15 million fighting the SEC’s legal charges, which has sparked widespread attention from the community and the legal circle. However, well-known crypto-supporting lawyer Bill Morgan criticized this, calling it a venting document against the Howey Test.

The activity level of the blockchain has plummeted.

In addition to the legal battles and price fluctuations, the XRPLedger blockchain behind XRP is also showing signs of fatigue. According to data from XRPScan, the number of transactions on the XRPL was only about 830,000 on Tuesday, marking the lowest level since October 2024. More notably, according to CoinShares’ fund flow report, institutional investment products related to XRP experienced a net outflow of $28 million last week, far exceeding other cryptocurrencies, which may exacerbate investors’ pessimistic outlook on short- to medium-term price trends.

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Summary

Despite the rapid increase in institutional adoption and strategic deployment of XRP, on-chain data and futures market performance indicate that it still faces numerous challenges in the short term. The positioning of reserve assets has not yet been fully stabilized, and the outcome of the SEC’s ruling will also be a key factor influencing future trends. From Webus to VivoPower, and the global policy and market dynamics, XRP is at a crossroads of transformation. Whether it can truly embark on a Bitcoin-like path as a corporate reserve asset still requires dual validation from the market and regulations.