XRP Plunges by 6% as Evernorth Delays XRPN Nasdaq Listing
Ripple (XRP) tumbled on heavy selling amid dampened investor sentiment, down 6.09% to $1.43 after a cascade of leveraged long liquidations amid Evernorth’s Nasdaq listing delay.
XRP price fell Wednesday after establishing a price floor around $1.50, as a market-wide leverage flush triggered over $400 million in liquidations and pushed XRP below key support.
A sharp, coordinated sell-off in the crypto market triggered a massive liquidation event. Onchain trackers counted $412 million in liquidations in a single hour, almost entirely long positions.
For XRP, a concentrated long-liquidation cluster was identified near $1.4306, which the price breached during the drop.
The move was amplified by forced selling from over-leveraged traders, not just organic selling. A reclaim of the $1.4850 resistance level would signal that liquidation pressure has subsided.
XRP’s drop correlated with a 4.06% decline in Bitcoin and a 4.19% drop in total market cap. The sell-off was attributed to renewed geopolitical risk from Iranian attacks and a broader pullback in risk assets.
Technically, XRP broke below its 50-day moving average of $1.50 with momentum indicators turning bearish. XRP moved with beta to a weak market, and the breakdown invalidated its recent rebound structure.
The immediate focus is on the $1.40 support level, which analysts like EGRAG Crypto have highlighted. Holding this level, coupled with a daily close back above $1.4850, could turn the breakdown into a fakeout.
The expected Nasdaq listing of Evernorth (ticker XRPN) around October 12 is a near-term event that could influence sentiment.
Evernorth Holdings delayed its planned Nasdaq debut under ticker:XRPN by four days to Monday, Oct. 12 after an administrative issue pushed the closing of its business combination with Armada Acquisition Corp. II to Friday, Oct. 9.
The company said the delay is not expected to affect transaction completion; an Oct. 6 SEC filing confirmed the revised timetable and noted Armada shareholders approved the combination on Sept. 30. Evernorth had previously planned to close on Oct. 7 and begin trading Oct. 8.
Once completed, the company will operate as Evernorth Holdings Inc.; the deal is expected to provide about $300 million in gross cash proceeds — $225 million from related private placements, $30 million from incremental convertible note financing and roughly $48 million of trust proceeds.
Evernorth expects to hold approximately 473 million $XRP at closing, including about 126.79 million contributed by Ripple and 84.37 million acquired for about $214 million.
The transaction and private placements have raised over $1 billion and remain subject to customary closing conditions and Nasdaq listing requirements.
The trend is bearish below $1.4850, but holding $1.40 could establish a new consolidation range. XRP’s decline was driven by a violent deleveraging event within a risk-off macro environment, breaking key technical levels.
Investors are watching whether XRP can defend the $1.40 support ahead of the Evernorth listing, or if it will trigger another wave of selling toward the 200-day average near $1.37.
XRP Establishes Price Floor Ahead of Evernorth Nasdaq Listing
