Wellgistics Health (WGRX), a pharmaceutical distribution and healthcare infrastructure company, saw its stock price plummet after announcing a new initiative involving XRP cryptocurrency.
XRP Integration Tanks Stock Price
The company secured a $50 million credit facility to use XRP for real-time payments and as a treasury reserve asset. They’re building a platform to enable instant payments between pharmacies, suppliers, and manufacturers, offering smart rebates and XRP-backed credit lines for independent pharmacies.
CEO’s Optimism Doesn’t Translate to Investor Confidence
CEO Brian Norton touted the move as a “logical step in healthcare evolution,” emphasizing speed, liquidity, and transparency. He predicted that future healthcare success would hinge on efficient platforms, not size. However, the market reacted negatively. WGRX stock dropped over 9.5% in a single day and nearly 40% over five days. This contrasts sharply with XRP’s performance, which saw gains of over 2.5% in a day and over 7% in a week, trading at $2.35 at the time of writing.
Disclaimer
This information is for general knowledge only and does not constitute investment advice. Investing in cryptocurrencies is inherently risky. Always conduct thorough research and consider your own risk tolerance before making any investment decisions.