Evernorth has accumulated $1 billion worth of XRP to build a dedicated treasury, with plans 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 $1.91 24h volatility: 0.8% Market cap: $116.39 B Vol. 24h: $2.20 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.
Evernorth Holdings Now Holds 388,710,606.03 XRP, Reaching 95% of its Target
“Their average purchase price sits around $2.44, which could mark a key level for Ripple’s future price action.” – By @JA_Maartun pic.twitter.com/qZmCKs9gk6
— CryptoQuant.com (@cryptoquant_com) October 27, 2025
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.
$XRP You're not ready for the next wave 🌊
Stuck between its 2017 and 2021 peaks, XRP is maturing in a years long reaccumulation phase.
This silence is a precursor to a major move.Once the structure is complete, a new parabolic wave will take hold. https://t.co/ixYYgqXt35 pic.twitter.com/W6CM9JahSk
— EᴛʜᴇʀNᴀꜱʏᴏɴᴀL 💹🧲 (@EtherNasyonaL) October 27, 2025
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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