Despite the big public launch of Ripple-backed Evernorth (the largest public XRP treasury company), XRP underperformed the rest of the crypto market.
As data from CoinGlass indicates, over the last 24 hours, XRP has declined by 3%. Currently, the price of XRP stands at $1.37. The market cap of XRP is about $86.4 billion.
This decline follows bearish crypto market trends. The overall crypto market cap has dipped by 2.8%.
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However, XRP's drop is particularly bad in comparison with other top cryptos. While Bitcoin (BTC) is only declining by 1%, Ethereum (ETH) is declining by 0.5%.
Evernorth goes public
Evernorth Holdings has been listed on the Nasdaq stock exchange. Evernorth Holdings has begun trading on Nasdaq (ticker: XRPN) on Oct. 12 following the completion of its business combination with Armada Acquisition Corp. II on Oct. 9.
It means that Evernorth has now gone public with about 473M tokens of XRP, which is equal to about $648M at the current XRP price.
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Evernorth also announced that the gross cash proceeds it received are about $300M (excluding transaction costs).
It will be the largest public pure-play XRP treasury company after the completion of the transaction, as per company announcements.
Important investors such as Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken, and GSR are backing Evernorth.
The first session was not very successful for the company. The XRPN stock began trading at about $19.38 initially, but then took a U-turn. At the closing price, it stood at $16.91. This means it fell by 1.05% since the last session.
Why isn't XRP reacting?
For many Ripple events (major partnerships, acquisitions, regulatory news), XRP usually does not react immediately.
However, the Evernorth listing is different.
Unlike some other corporate events involving Ripple, Evernorth's business is directly related to XRP. The main goal of Evernorth is to hold and manage XRP. Their growth might lead to more demand for XRP as they expand.
So, there is no extra buying pressure from the Evernorth listing. The majority of Evernorth's treasury consists of past XRP contributions from investors and past purchases.
It means there was no sudden buying of 473M XRP from the market when Evernorth went public on Oct. 12.