Ripple-Backed Evernorth Moves $280M in XRP Amid Price Drop

Evernorth Holdings, a Ripple-backed treasury company, has been reported to move over $280 million worth of XRP between two wallets. The huge transfer happened as XRP’s price hovered near the $2.20 support level.

This news has sparked 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, worth about $280.2 million, between two unknown wallets. The XRP community, known as the “XRP Army,” quickly reacted. Some thought large holders were selling due to falling prices, while others suspected internal restructuring.

Later, on-chain data showed that both wallets belong to Evernorth Holdings. It was confirmed that the receiving wallet was newly created on November 5 by BitGo, a trusted crypto custodian. 

This means the move was an internal transfer, not a market sale. Evernorth Holdings’ new wallet now holds 126.79 million XRP, while its primary wallet retains over 261.91 million XRP.  

Just days earlier, the company added 84.36 million XRP, increasing its total holdings to 473.27 million XRP. Last week alone, the Ripple-backed treasury accumulated 388.71 million XRP, valued at over $1 billion. This strong buying activity shows that Evernorth is becoming one of the biggest XRP holders in the market.

Evernorth Plans Nasdaq Listing Under “XRPN” After Merger

The token restructuring comes as Evernorth Holdings is getting ready to merge with Armada Acquisition Corp II to list on Nasdaq under the name “XRPN.” Armada recently confirmed the ticker change, showing that the merger is almost complete.

As part of the deal, Ripple will give 126,791,458 XRP to the new company in exchange for the same number of XRPN shares. Once listed, Evernorth will become the biggest XRP treasury company on the public market.

XRP Struggles Below $2.20 Despite Ripple’s Strides

Even with the positive news, XRP’s price is still struggling. The token fell more than 4%, slipping below the $2.20 support level. 

Currently, the asset’s price is at $2.20, down by 2.83% in the last 24 hours, according to CoinMarketCap data. The drop also pushed XRP below its 50-week moving average, signaling continued weakness among short-term traders.

Data from Coinglass shows that XRP’s futures open interest dropped by almost 5% to $3.34 billion in the last 24 hours. This suggests traders are being careful as the market prepares for crypto options to expire later this week.

XRP’s price is still weak, even with Ripple’s recent achievements. The company is now valued at $40 billion after successfully securing a $500 million funding. At a recently concluded Ripple Swell event, the fintech company also announced a new partnership with Mastercard. 

Unfortunately, this development did not boost the market value of XRP as investors are divided about its long term outlook.

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