Ripple-Backed Evernorth Expands XRP Holdings, Plans Nasdaq Listing
In an exciting turn of events for the crypto community, Evernorth Holdings, a digital asset treasury firm supported by Ripple, has ramped up its XRP assets to over $1 billion. On-chain data indicates that the firm acquired significant amounts of XRP primarily from Ripple, as well as individual investors like Chris Larsen. This development showcases a robust bullish trend in XRP and solidifies Evernorth’s position as a major player in the cryptocurrency market.
Evernorth’s XRP Treasury Grows
Evernorth Holdings has joined other firms like VivoPower International and Trident Digital Tech Holdings in accumulating XRP assets. According to on-chain data, Ripple Labs transferred over 388.71 million XRP, valued at more than $1 billion, to Evernorth. A total of more than 338 million XRP has been sent to a wallet associated with Evernorth from various sources. This substantial influx of XRP not only underscores the growing confidence in the currency but also highlights Evernorth’s ambitious plans in the realm of digital assets.
Investment from Key Industry Players
Notably, individual investors like Chris Larsen and Edward Hennis contributed to Evernorth’s XRP holdings. Last week, Larsen confirmed his own investment with a transfer of 50 million XRP to the firm. This strategic move has allowed Larsen to realize an impressive profit of $764 million since he began investing in XRP in 2018. Such investments signal strong backing for Evernorth’s mission and create a compelling narrative around XRP’s future.
Plans for a Nasdaq Listing
In a significant announcement on October 20, Evernorth revealed its plans to go public on the Nasdaq stock exchange via a merger with Armada Acquisition Corp II, a special-purpose acquisition company (SPAC). The upcoming merger is expected to finalize in the first quarter of 2026, with the ticker symbol "XRPN." The firm aims to raise over $1 billion, bolstered by contributions from major investors including SBI, Ripple, and GSR. If successful, this move would make Evernorth the largest XRP treasury entity, greatly influencing the dynamics within the cryptocurrency market.
XRP Price Surge Amid Positive Sentiment
Following this major XRP news, the price of XRP has responded favorably, climbing over 10% in just one week, with a 24-hour increase of 2%. Currently trading at around $2.66, XRP has seen an intraday low of $2.60 and a high of $2.67. This upward trajectory is reflective of increased trading activity, with trading volumes surging by 17% in the last day, indicating a growing interest among traders.
Rising Interest in Derivatives Market
Furthermore, the derivatives market shows a positive trend, further fueling optimism around XRP. Data from CoinGlass reveals that total XRP futures open interest rose by 3% to $4.51 billion, with a notable increase in futures trading on platforms like CME and Binance. This growing activity in the derivatives market suggests that traders are becoming more confident in XRP’s future trajectory, providing additional layers of growth potential for the cryptocurrency.
Conclusion
Evernorth Holdings’ expansion of XRP holdings beyond $1 billion marks a pivotal moment in the cryptocurrency space. With plans to list on Nasdaq and significant backing from notable industry players, Evernorth is poised to play a crucial role in shaping the future of XRP and digital assets overall. As XRP’s price continues to climb and interest in the market grows, these developments are likely to have lasting impacts on investor sentiment and overall market dynamics. For those interested in digital assets, keeping an eye on Evernorth and XRP could prove beneficial as the landscape evolves.
