Evernorth Leads Surge in Institutional XRP Treasuries

Evernorth Holdings, led by former Ripple executive Asheesh Birla and backed by investors including Ripple, SBI Holdings, Pantera Capital and Kraken, has accumulated about 388.7 million XRP (roughly $1 billion), roughly 95% of its stated target, and is preparing a Nasdaq listing under ticker XRPN via a merger with Armada Acquisition Corp II. The firm says it will reinvest treasury revenue to grow holdings, plans to run validators on the XRP Ledger and use Ripple’s RLUSD as an on‑ramp. Evernorth is part of a wider wave of institutional XRP treasuries — on‑chain data now identify about 11 recognized treasury companies, including Trident Digital (~$500M) and Webus (~$300M), with combined U.S. corporate purchases exceeding $900M. On‑chain and market metrics have strengthened: Q3 saw XRP market cap near an all‑time high (~$170.3 billion) and price around $2.85, real‑world asset issuance on XRPL hit a record (~$364.2M), RLUSD supply has grown, monthly escrow releases remain at 1 billion XRP and cumulative burns total roughly 14.2 million XRP. Regulatory catalysts are pending — seven U.S. spot XRP ETF applications await SEC decisions with high market odds for 2025 approval — but skepticism persists, with prediction markets pricing only about a 20% chance of XRP reaching $5 in 2025 and technical resistance near ~$2.80, while Ripple’s remaining 35 billion XRP in escrow represents a potential supply overhang.