Evernorth's 473 Million XRP Treasury Set for Nasdaq Debut as XRPN

Update 02:37 UTC: Evernorth has pushed back the debut timeline, citing administrative procedures.

Evernorth's 473 Million XRP Treasury

Evernorth, the Ripple-backed digital asset treasury, is one trading day away from completing its merger with Armada Acquisition Corp. II. The deal is expected to close on Wednesday, October 7, with the combined company possibly starting to trade on Nasdaq under the ticker XRPN as early as Thursday, October 8. The SPAC route, a merger with an already listed shell company, skips a traditional initial public offering. At closing, Evernorth expects its treasury to hold about 473 million XRP, which would make it the largest publicly traded XRP treasury to date. That stake is worth about 37% less than it was when the agreement was signed, a measure of how far the token has cooled. Investors are not waiting for the debut to price it in. Armada's shares, already listed under XRPN, closed Monday at $38.65, up 142.02% across five sessions. The XRP price itself sits near $1.51, down 1.36% over the past day, so the listing opens a regulated equity route into the asset at a moment when its spot market has stalled. A listed treasury of this type gives stock-market investors exposure to the token without direct custody, effectively converting private accumulation into a public balance sheet. Institutional flows through exchange-traded funds tell a steadier story. Spot XRP ETFs have now posted net inflows for 12 consecutive weeks, adding $4.74 million last week, a slowdown from the $75.6 million taken in the prior week, per SoSoValue fund-flow data. The contrast with the rest of the fund complex is sharp: since mid-July, Bitcoin ETF flows and Ethereum ETF flows have each turned negative in 3 separate weeks, while Hyperliquid (HYPE) funds have logged 4 such weeks. Longer-horizon institutional targets stay ambitious, among them Standard Chartered's $12.50 XRP target for 2028.

Binance and Upbit Shed 104.7 Million XRP

Behind the headline listing, exchange balances are thinning at a steady pace. Binance held 2.704 billion XRP on September 26, and by October 4 that balance had slipped to 2.631 billion. The venue's XRP balance had already been drifting lower through late September. Upbit shed another 31.6 million XRP between September 11 and October 5. Taken together, the two venues released roughly 104.7 million tokens from their exchange reserves in under a month. Both venues sit among the largest listing points for the asset, so the drain removes sell-side inventory that could otherwise cap advances. The composition of the outflows matters as much as the size. On Binance, Whale Outflow Dominance, the share of withdrawals attributable to large holders, reached 84.2% on September 29, while retail accounts contributed just 15%. Transfers of that size point to tokens moving into self-custody or over-the-counter deals rather than to ordinary traders cashing out. Analyst Amr Taha flagged the pattern in CryptoQuant's reserve data as evidence that exchange-side supply is contracting. A separate cohort of large holders is moving the other way. Addresses holding between 10 million and 100 million XRP owned 13.8 billion tokens on October 6, up from 12.48 billion on September 6, with most of the increase arriving in one jump around September 24. That is about 1.32 billion tokens added inside a month, concentrated in a handful of wallets. None of this buying has lifted mood. The bullish-to-bearish ratio for XRP on social platforms dropped to 0.67 at the start of October, the lowest since August 17, and the firm behind the metric cautions that heavy pessimism can set up a contrarian rebound without promising one. Large holders accumulating while retail leans bearish has often marked the quiet phase before a market turns, though the pattern is a tendency, not a rule.

$1.53 Breakout Level in Focus

The two threads read as one: demand is consolidating away from trading venues while sentiment sits at multi-week lows. Leverage has not caught up with the rally: XRP open interest on Binance, a count of outstanding futures positions, stands at $516.6 million, far below the $1.3 billion recorded in October 2025. Our XRP technical analysis frames the near term simply: a four-hour close above $1.53 opens a path toward $1.62, and Peter Brandt's $1.6572 breakout line sits just above that band. Catalysts stack quickly from here: Evernorth's Nasdaq debut, Ripple's Swell conference and the Federal Reserve's October 27 to 28 meeting. Whether the accumulation resolves into a fresh bull market leg depends on the large-holder cohort keeping its share.

Two XRP Ledger upgrades add a second layer to the October 8-9 catalyst window. PermissionDelegationV1_1 could activate around October 8, letting one account grant another narrowly defined permissions, such as making payments, without handing over full control keys, while BatchV1_1 could follow around October 9, allowing users to group as many as eight transactions, including all-or-nothing exchanges aimed at delivery-versus-payment workflows for tokenized assets. Both amendments require validator support above the required threshold, and neither, on its own, establishes that institutions will adopt the features or that adoption will create sustained buying pressure. The market's key test around the XRPN listing runs along the same line: shares give exposure through company equity, not a direct spot purchase, so the listing could attract capital without producing equivalent token demand.

Update: Evernorth's Nasdaq debut has slipped. In a statement posted on X on October 6, the company disclosed a purely administrative delay and now expects the merger with Armada Acquisition Corp. II to close on Friday, October 9, with XRPN shares starting to trade on Monday, October 12, subject to customary closing conditions and Nasdaq listing requirements. Armada II shareholders had already approved the deal on September 30, and Evernorth said the delay is not expected to affect the closing. The revised schedule also clarifies the cash side of the combination: alongside the roughly 473 million XRP treasury, Evernorth expects about $300 million in gross cash proceeds at closing. XRP's price barely reacted to the news, and analysts note the listing creates no new token demand since the treasury was largely funded before the public debut.

Evernorth has pushed back the debut timeline, citing administrative procedures. In a statement issued on October 7, the company said it now targets completing the merger with Armada Acquisition Corp. II on Friday, October 9, with XRPN shares expected to begin trading on Nasdaq on Monday, October 12, subject to customary closing conditions and Nasdaq listing requirements. The company stressed that Armada II shareholders had already approved the transaction on September 30 and that the delay should have no effect on the business combination itself. The investor register behind the deal includes Arlington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. Chief executive Ashish Bhatt, in an October 1 statement, framed the listing as a way for investors to gain regulated, transparent exposure to XRP and participate in the growth of the blockchain economy.

XRP trades at $1.4018, down 5.02% over 24 hours, moving sideways with a bearish MACD signal and an RSI of 43.36. The strongest resistance sits at $1.4409, scored 99/100 from SMA 50, the Pivot Point, Fibo 0.382 and HVN 1, with $1.5462 next at 86/100 and $1.4902 at 85/100. Support is layered at $1.3369 (96/100, backed by EMA 100, the Ichimoku Cloud Bottom, VWAP and the Keltner Lower), $1.2616 (87/100) and $1.3996 (80/100). Derivatives positioning leans long: funding is slightly positive at 0.0006%, open interest is $1.02 billion, and 74.7% of accounts are long for a 2.96 long/short ratio. With the Fear & Greed Index at 64 (Greed), a break above $1.4409 opens the path to $1.5462, while losing $1.3369 would likely pull price toward $1.2616 (as of 06:47 UTC).