- Evernorth Holdings now owns 473.27 million XRP, following an $214M expansion of its treasury.
- The firm previously acquired over $1 billion in XRP, with backing from Ripple, SBI, Pantera, and others.
- Despite institutional demand, XRP’s price faces short-term downside as whales sell and derivatives unwind.
Evernorth Holdings just made another big move in the XRP ecosystem. The Ripple-backed institutional treasury firm confirmed it’s added 84.36 million XRP to its vault, bringing total holdings to a massive 473,276,430 XRP. The latest purchase, disclosed on November 4, reinforces Evernorth’s long-term bet on XRP as the backbone for institutional liquidity.
This follows last week’s billion-dollar accumulation spree that sent ripples through the market. With this, Evernorth joins a small circle of corporate giants like VivoPower International, Trident Digital Tech Holdings, and Webus, all quietly building deep XRP treasuries ahead of what many believe will be the next institutional adoption wave.
A Strategic XRP Play — and a Billion-Dollar Treasury
According to the company’s press release, Evernorth acquired the new batch of 84,365,876 XRP at an average price of $2.53 per coin, using funds raised through a $214 million private placement. The purchase forms part of a broader accumulation plan meant to build a yield-generating institutional XRP treasury.
Last week, on-chain data showed Ripple transferring over 338 million XRP to an Evernorth-linked wallet, confirming the scale of its earlier billion-dollar acquisition. The funds reportedly came through major exchanges — Uphold, Coinbase, and Gemini — with notable contributions from high-profile figures like Chris Larsen and Edward Hennis.
Chris Larsen himself confirmed his personal 50 million XRP stake in Evernorth, while heavyweight investors like SBI, Pantera Capital, Kraken, and GSR have also backed the project. Ripple, for its part, plans to contribute 126.79 million XRP in exchange for XRPN class A stock, solidifying its partnership with Evernorth.
Following the deal, Armada Acquisition Corp II, which merged with Evernorth, officially changed its Nasdaq ticker to XRPN, marking one of the first XRP-linked institutional listings. Related securities have also been updated, with units now trading under XRPNU and warrants under XRPNW.
Market Impact: Whales Sell, Retail Buys the Dip
Despite all the institutional excitement, XRP’s price has been sliding, falling around 4% in 24 hours and 15% this week, trading near $2.26 at press time. Daily lows reached $2.24, while highs touched $2.38 — a narrow but volatile range.
Interestingly, trading volume jumped 46% to $7.45 billion, suggesting that retail traders may be buying the dip even as whales reduce exposure. In the last five days alone, large holders reportedly sold 900,000 XRP, adding pressure to an already fragile market.
The Relative Strength Index (RSI) dropped to 35.7, indicating weak momentum and possible short-term downside. Meanwhile, CoinGlass data showed futures open interest sliding 6% to $4.31 billion, with CME and Binance both seeing smaller declines of about 3% each in the past few hours — likely due to traders squaring off ahead of Friday’s expiry.
Short-Term Outlook: Weak Hands, Strong Foundations
In the short term, XRP faces a tricky setup — declining whale activity, cautious derivatives traders, and low RSI all point to potential weakness. But on a bigger scale, the growing role of XRP treasuries like Evernorth’s signals deep institutional alignment behind Ripple’s ecosystem.
If buying volume continues to rise and broader sentiment improves, XRP could stabilize near the $2.20–$2.30 range before mounting another recovery attempt. Either way, the narrative has clearly shifted — from speculation to structured, large-scale accumulation.
