Despite Ripple’s record-breaking year in cross-border payments and growing institutional interest, XRP’s market structure remains fragile as technical indicators flash continued weakness.
The token is trading around $2.15 after a fresh daily decline of more than 2%, extending a multi-week downtrend. The latest Binance daily chart shows XRP struggling to hold above its $2.20 support, with momentum indicators suggesting limited buyer conviction. The Relative Strength Index (RSI) has dropped to 35, a sign of growing bearish sentiment, while the Moving Average Convergence Divergence (MACD) line continues to hover below zero, hinting at negative momentum that could deepen if the $2.00 threshold is tested.
Evernorth’s $280 Million Transfer Raises Questions
Much of the current volatility began after blockchain data trackers highlighted a massive XRP movement involving more than 126.7 million tokens worth roughly $280 million on November 7. Initial speculation pointed to possible whale liquidations, but on-chain analysts later confirmed that the transfer originated from Evernorth Holdings, a Ripple-backed treasury company.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 126,791,448 #XRP (280,200,797 USD) transferred from unknown wallet to unknown wallethttps://t.co/C3qJfwTRVW
— Whale Alert (@whale_alert) November 6, 2025
Further investigation revealed that both the sender and recipient wallets are controlled by Evernorth, indicating an internal reallocation rather than an external sale. The new address, reportedly created on November 5 through BitGo, now holds the full 126.7 million XRP, while Evernorth’s primary wallet still controls more than 260 million tokens. In total, the company’s combined reserves exceed 470 million XRP.
Evernorth has been rapidly accumulating XRP ahead of its planned merger with Armada Acquisition Corp II, which will allow the entity to list on Nasdaq under the ticker XRPN. Ripple itself is expected to contribute 126.7 million XRP to the company as part of the deal, receiving class A XRPN common stock on a one-to-one basis. The merger is designed to transform Evernorth into one of the largest XRP treasury vehicles in the market.
Ripple’s $95 Billion Payments Record Strengthens Utility Narrative
The timing of Evernorth’s wallet movements coincides with a major corporate update from Ripple. The company revealed that its payments network has processed more than $95 billion in transactions so far in 2025, marking its strongest year on record for blockchain-based settlements.
This surge in volume follows Ripple’s integration of stablecoin infrastructure provider Rail into Ripple Payments, enabling seamless fund transfers using both Ripple USD (RLUSD) and XRP as liquidity assets. The company’s 75 global regulatory licenses have made it possible for financial institutions and enterprises to move capital directly without intermediaries, accelerating cross-border settlement times.
By the way, for the people in the back, $95BN in payments equates to around $400M in fees.
All using XRP and the ledger. Pretty sweet… https://t.co/m8vIfngVY1
— Vincent Van Code (@vincent_vancode) November 6, 2025
Analyst Vincent Van Code estimated that the $95 billion in processed payments translates into roughly $400 million in on-chain fees generated through the XRP Ledger, suggesting growing adoption for enterprise-grade payments. However, despite the transaction growth, some investors remain skeptical about whether Ripple’s $40 billion valuation reflects real utility or is primarily anchored to its XRP holdings.
Ripple’s recent $500 million fundraising round included major institutional names such as Brevan Howard, Citadel Securities affiliates, Marshall Wace, Galaxy Digital, and Pantera Capital. Still, critics argue that much of the company’s valuation may be derived from discounted access to XRP rather than direct revenue from transaction fees.
CTO Schwartz: “Real Stakeholders Are the Users, Not the Speculators”
Amid ongoing debate over Ripple’s value and XRP’s utility, Ripple CTO David Schwartz recently addressed the community to clarify who the true stakeholders of the XRP Ledger (XRPL) are. He emphasized that those who use the network for payments, token transfers, or node operation—rather than for profit—form the backbone of XRPL’s ecosystem.
I think if a blockchain can work just as well for the people who use it to transact without paid middlemen who tax other people's transactions, then that's probably better for the people who use the blockchain to transact.
XRPL's real stakeholders, IMO, are the people who use it…
— David 'JoelKatz' Schwartz (@JoelKatz) November 7, 2025
Schwartz also defended the decision not to compensate validators, stating that networks relying on paid validators effectively insert middlemen between users and transactions. In his view, XRPL’s design philosophy prioritizes self-sufficiency and decentralization, allowing individuals and institutions to “be their own bank” without intermediaries taking a cut of every transfer.
His remarks came in response to criticism from venture capitalists who claim that Ripple’s ecosystem shows limited organic activity beyond XRP price speculation. Schwartz dismissed these claims, noting that XRPL’s minimal transaction fees—often less than one cent—are a deliberate design choice that reflects efficiency, not inactivity.
Market Outlook: Technicals Show Fragility Despite Corporate Progress
Despite Ripple’s milestones and strategic expansion, the XRP market remains under strain. On the daily timeframe, XRP has been trading below the 50-day and 100-day moving averages since early October, reflecting persistent selling pressure. The RSI’s drop near the oversold zone suggests that bears currently dominate momentum, while the MACD histogram continues to print red bars, underscoring fading strength in the latest recovery attempts.
If XRP fails to hold the $2.10–$2.20 range, analysts warn that the next significant support lies near $2.00, a psychological level that could attract renewed buying if tested. Conversely, a breakout above $2.35 would be needed to confirm a short-term reversal and re-establish bullish momentum.
While Evernorth’s merger and Ripple’s payment growth highlight continued ecosystem development, traders remain cautious. Until XRP shows sustained on-chain activity growth and a technical recovery, the market may continue to view rallies as short-lived relief rather than the start of a new uptrend.