Ripple’s New Venture Evernorth Buys $1B in XRP, Price Climbs 1.5%

Ripple’s new venture, Evernorth Holdings, has recently acquired around $1 billion worth of XRP XRP $2.65 24h volatility: 1.1% Market cap: $159.02 B Vol. 24h: $4.27 B tokens.

The move marks one of the largest single-entity accumulations of XRP to date, suggesting a renewed institutional push for the cryptocurrency’s adoption.

According to data from CryptoQuant, Evernorth’s XRP holdings total 388.7 million tokens, purchased at an average price of $2.44 per coin.

At the current XRP market price of around $2.66, the company’s holdings are worth about $1.03 billion. This gives Evernorth an unrealized profit of approximately $85.5 million.

Evernorth Prepares to Go Public

Evernorth officially launched on October 20 as a Ripple-backed digital asset management and treasury firm. Led by Ripple veteran Asheesh Birla, the company aims to act as a bridge between traditional finance and the XRP ecosystem.

Evernorth is reportedly preparing to go public through a SPAC merger with Armada Acquisition Corp II. Once the merger finalizes, it will trade under the ticker XRPN on Nasdaq.

The merger aimed to raise at least $1 billion in funding, with backing from Ripple, SBI Group, Rippleworks, and other private investors. Birla described the initiative as a “major step toward institutionalizing XRP holdings.”

Market Reaction and Broader Context

Evernorth’s aggressive accumulation has boosted optimism among XRP investors. The fourth largest cryptocurrency bounced from $2.60 to $2.66 on October 28, recording a 10% weekly gain.

The news also comes amid rising speculation about the approval timeline for spot XRP ETFs in the United States. The SEC has yet to make a final decision, potentially delayed by the ongoing government funding uncertainty.

Analysts suggest that institutional moves like Evernorth’s could strengthen XRP’s long-term credibility.

Popular analyst Ether Nasyonal recently noted that XRP remains in a multi-year reaccumulation phase, trading between its 2017 and 2021 peaks.

The analyst predicted that once this structure completes, XRP price could see a new “parabolic move,” making it a top crypto to buy in 2025.

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