Evernorth Holdings, a Ripple-backed treasury company, has been reported to move over $280 million worth of XRP between two wallets. This significant transfer occurred as XRP’s price was hovering near the $2.20 support level, sparking speculation across the crypto community.
Evernorth Shifts $280M in XRP Between Internal Wallets
On November 7, blockchain tracker Whale Alert spotted a transfer of 126,791,448 XRP, valued at approximately $280.2 million, between two previously unknown wallets. The XRP community, often referred to as the “XRP Army,” reacted swiftly. Some interpreted the move as large holders selling off assets due to falling prices, while others speculated about internal restructuring.
Further on-chain data later revealed that both wallets are indeed associated with Evernorth Holdings. It was confirmed that the receiving wallet was a newly created entity on November 5, managed by BitGo, a recognized crypto custodian. This clarification indicates that the transaction was an internal transfer rather than a market sale.
Following the transfer, Evernorth Holdings’ new wallet now holds 126.79 million XRP, while its primary wallet continues to hold over 261.91 million XRP. In the days preceding this event, the company had already added 84.36 million XRP, increasing its total holdings to 473.27 million XRP. In the past week alone, the Ripple-backed treasury accumulated 388.71 million XRP, a sum valued at over $1 billion. This substantial accumulation demonstrates Evernorth’s growing position as one of the largest XRP holders in the market.
Evernorth Plans Nasdaq Listing Under “XRPN” After Merger
This internal token restructuring coincides with Evernorth Holdings’ preparations for a merger with Armada Acquisition Corp II, which is set to result in a Nasdaq listing under the ticker symbol “XRPN.” Armada has recently confirmed this ticker change, signaling that the merger process is nearing completion.
As part of the merger agreement, Ripple will transfer 126,791,458 XRP to the newly formed company in exchange for an equivalent number of XRPN shares. Upon its public listing, Evernorth is poised to become the most prominent XRP treasury company on the public market.
XRP Struggles Below $2.20 Despite Ripple’s Strides
Despite the positive developments surrounding Evernorth and Ripple, XRP’s market price has continued to face challenges. The token experienced a decline of over 4%, falling below the critical $2.20 support level.
Currently, XRP is trading at $2.20, reflecting a 2.83% decrease over the past 24 hours, according to data from CoinMarketCap. This downturn has also pushed XRP below its 50-week moving average, indicating ongoing weakness among short-term traders.
Data from Coinglass shows a nearly 5% drop in XRP’s futures open interest, settling at $3.34 billion in the last 24 hours. This suggests a cautious approach from traders as the market anticipates crypto options expirations later this week.
XRP’s price weakness persists even amidst Ripple’s recent accomplishments. The company is now valued at $40 billion following the successful securing of $500 million in funding. Additionally, at a recently concluded Ripple Swell event, the fintech company announced a new partnership with Mastercard. Unfortunately, these positive corporate developments have not translated into a boost in XRP’s market value, as investors remain divided regarding its long-term outlook.