Ripple thinks its SPAC can break XRP stocks losing streak
Ripple reportedly wants to launch a digital asset treasury (DAT) with $1 billion worth of XRP, despite stocks or DATs with substantial XRP holdings historically failing to perform. For example, on May 28, VivoPower International traded at $8.49 per share on its announcement of a $121 million private placement to buy XRP. Today, those same shares have declined 50% to $4.25 apiece and impute a mere $43 million market capitalization. Meanwhile, on May 29, Webus International Limited announced its dreams of becoming a $300 million XRP DAT. Shares hit $4.25 that day but today, have declined 63% to $1.56. And, on July 24, Wellgistics attempted to form an XRP DAT with a $50 million credit deal. However, since hitting a high of $1.79 per share within 24 hours of the announcement, those shares have declined 70% to $0.52. Garlinghouse says Ripple doesn’t control XRP — history suggests otherwise Read more: Years of hype but still no deal: SWIFT sidesteps XRP ...