October 12 is shaping up as an important day for Ripple’s cross-border token as Evernorth begins trading on Nasdaq with a treasury of roughly 473 million tokens.
Meanwhile, analysts are watching whether the asset can stabilize around $1.40 and reclaim the next key level at $1.50 before it can aim at even higher targets.
473M XRP Hit Wall Street
CryptoPotato reported over the weekend that Evernorth officially completed its business combination with Armada Acquisition Corp. II on Friday, clearing the way for XRPN to begin trading on Nasdaq today, October 12. The company’s merger and associated private placements previously raised more than $1 billion, with investments from Ripple, SBI Group, Kraken, Pantera Capital, and others.
Evernorth enters the public markets holding approximately 473 million XRP, alongside roughly $300 million in gross cash proceeds. However, it doesn’t plan to be a silent XRP holder, as it described itself as an actively managed XRP treasury rather than a vehicle that simply holds the token. It also has plans to deploy capital across areas such as institutional yield strategies, infrastructure, on-chain credit, and other XRP ecosystem activities.
AllInCrypto described the upcoming debut as a “huge day” for Evernorth and especially XRP, highlighting that institutional adoption for the token is accelerating as the “largest publicly traded XRP treasury is arriving on Wall Street.”
It’s worth noting, though, that XRP itself is not being listed on Nasdaq. ETFs tracking its performance already exist, and they are performing quite well. Instead, XRPN gives traditional investors access to a publicly traded company whose treasury and broader strategy center on the cross-border token.
What About Price Recovery?
Xaif Crypto noted that XRP is holding near $1.40 after a steep macro correction from its all-time high of $3.60, reached last July. The analyst said long-term accumulation and distribution metrics are showing a significant shift, but the immediate level to observe is at $1.50. If the token manages to reclaim it, propelled by renewed momentum, it could restart the mid-August rally to new local peaks.
Lana Valentis offered an even more bullish technical outlook, arguing that XRP is attempting to rebound after it broke out of a descending channel on the daily chart. The recent retest showed that buyers are indeed present, and she identified the next major targets if the bounce is confirmed: $1.70, $2.20, $2.70, and eventually the 2025 ATH of $3.65.
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