XRP Whales are on the move! Evernorth Holdings surpasses 1 billion USD, Ripple co-founder transfers 50 million XRP to assist.

Evernorth Holdings, a digital asset vault company supported by Ripple, has expanded its XRP holdings to over 1 billion USD (over 388.71 million XRP). On-chain data shows that just days after announcing it would raise over 1 billion USD for institutional accumulation of XRP through a SPAC merger, the company received a large amount of XRP from Ripple, Uphold, and individual investors like Chris Larsen. This significant favourable information drove the price of XRP to rebound over 10% within a week, and its futures open interest also surged, indicating strong trader interest.

Evernorth Rises: A New Whale in the Ripple Ecosystem

Evernorth Holdings is rapidly becoming one of the most important institutional players in the XRP ecosystem, actively accumulating XRP alongside institutions such as VivoPower International, Trident Digital Tech Holdings, and Webus. Led by former Ripple executive Asheesh Birla, the company aims to become the largest publicly traded XRP treasury company.

Ripple helps build a $1 billion treasury

• Holdings: According to on-chain data, Ripple Labs has transferred over 338 million XRP to a wallet associated with Evernorth, bringing Evernorth's total XRP holdings to over 388.71 million, valued at over 1 billion dollars.
• Source of funds: This wallet has also accumulated cryptocurrency assets from individual investors, including Chris Larsen and Edward Hennis, as well as mainstream CEXs (including Uphold) within a week.
• Founder Support: Ripple co-founder Chris Larsen confirmed last week that he transferred 50 million XRP from his wallet for investment in the Evernorth treasury transaction. Since 2018, Larsen's realized profits have reached $764 million, achieving a massive leap in 2025.

Public Listing Plan: Evernorth Aims for the Largest XRP Treasury

Evernorth's strategy is not just limited to accumulating XRP, but also focuses on the capital markets, planning to go public on Nasdaq through a Special Purpose Acquisition Company (SPAC).

SPAC merger and fundraising

• Listing Plan: On October 20, Evernorth announced plans to go public on the Nasdaq through a merger with Armada Acquisition Corp II's SPAC. The merger is expected to be completed in the first quarter of 2026, with the stock ticker symbol XRPN.
• Financing goal: The company plans to raise over $1 billion, including $200 million from SBI and additional investments from Ripple, Rippleworks, Pantera Capital, Kraken, and GSR.

If the merger is completed, Evernorth will become the largest XRP vault company. This significant news injects favorable market sentiment into the XRP narrative related to digital asset vaults.

Price Rebound and Derivatives Market Heat

Under the favourable information of the massive accumulation and public listing plan of Evernorth, the XRP price has also rebounded.

spot and trading volume

• Price Performance: XRP price has rebounded over 10% in a week, increasing by 2% in the last 24 hours. The current trading price is $2.66, with a daily low of $2.60 and a high of $2.67.
• Trading Volume: The trading volume surged by 17% within the last 24 hours, indicating a significant increase in trader interest and participation.

bullish signals in the futures market

CoinGlass data shows that the derivatives market has also shown signs of buying in the past few hours.

• Open Positions: The total open interest of XRP futures has risen by 3% to $4.51 billion, with an increase of over 1% in the last hour.
• Mainstream CEX OI Surge: It is worth noting that the XRP futures OI on the Chicago Mercantile Exchange (CME) and mainstream CEX has increased by more than 2% and 5% respectively in the past 24 hours. This indicates that institutions and large traders are actively building long positions.

Conclusion

Evernorth's over $1 billion XRP Holdings and Nasdaq listing plans represent a milestone in the XRP institutional adoption narrative. With strong support from key figures like Ripple founder Chris Larsen, Evernorth aims to establish a regulated and transparent channel for institutions to accumulate XRP. This strong fundamental signal, combined with positive data from the futures market, provides a solid foundation for XRP's continued Rebound in the coming months, and investors should closely monitor the listing progress of XRPN.

Disclaimer: This article is for news information only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make cautious decisions.