by Coinstrooper Crypto Articles
Quick Take
  • Wall Street’s newest bet on XRP got off to a shaky start on Monday.
  • Evernorth, a Ripple-backed company holding hundreds of millions of XRP, saw its Nasdaq stock surge before investors quickly sold the rally.
  • Evernorth Holdings (XRPN) climbed to $19.38 before falling to $16.39.
  • Shares eventually closed at $16.91, down 1.05%, with nearly 1.29 million shares traded.

What Happened

Wall Street’s newest bet on XRP got off to a shaky start on Monday. Evernorth, a Ripple-backed company holding hundreds of millions of XRP, saw its Nasdaq stock surge before investors quickly sold the rally.

According to SEC filings, much of Evernorth’s treasury came from investors contributing existing XRP in exchange for equity. Buying XRPN shares on Nasdaq does not directly trigger purchases of the cryptocurrency.

For now, XRP’s direction remains tied more closely to broader crypto market conditions. Investors should watch whether Evernorth announces actual token purchases rather than relying on its Nasdaq debut as a bullish signal.

Market Context

Will Evernorth’s Nasdaq Listing Push XRP Price Higher?

Evernorth entered Nasdaq holding approximately 473 million XRP, worth around $648 million at Monday’s token price of $1.37. The company also reported roughly $300 million in gross cash proceeds before expenses.

The bigger question is how Evernorth uses its capital. CEO Asheesh Birla said the company would pursue strategies designed to “grow XRP per share over time.”

New XRP purchases could create demand and support prices. Strong demand for XRPN shares could also help Evernorth raise additional capital to expand its treasury.

Why It Matters

However, sustained weakness in the stock could make fundraising harder.

Details

Evernorth Holdings (XRPN) climbed to $19.38 before falling to $16.39. Shares eventually closed at $16.91, down 1.05%, with nearly 1.29 million shares traded.

The stock recovered slightly after the closing bell.

The long-awaited listing followed a merger with Armada Acquisition Corp. II, completed on October 9. SEC filings reveal that holders of 80.3% of the SPAC’s redeemable shares had already chosen to cash out before the merger.

However, the listing does not automatically create fresh buying pressure for XRP.

Meanwhile, XRP itself fell 3.03% over 24 hours, showing that the Wall Street debut failed to reverse the token’s weakness.

What Happens to XRP Next?

The post The Largest XRP Treasury Goes Public, but Its Nasdaq Debut Ends in Red appeared first on BeInCrypto.