Key Notes
- Evernorth accumulates $1 billion worth of XRP to build a dedicated treasury.
- XRP price rises 1.5% to $2.66 amid renewed investor enthusiasm.
- Evernorth aims to go public on Nasdaq under the ticker XRPN.
Ripple’s new venture, Evernorth Holdings, has recently acquired around $1 billion worth of XRP
XRP
$2.67
24h volatility:
1.5%
Market cap:
$160.29 B
Vol. 24h:
$4.33 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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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Parth Dubey on LinkedIn
Source: https://www.coinspeaker.com/evernorth-xrp-1b-purchase/
