XRP Price Sticky as Evernorth Plans Nasdaq Listing
Ripple’s XRP continues to trade in a tight range, settling at $1.34 on Friday amid light volume amid the Evernorth Nasdaq listing plan. The token has been trading between $1.31 -1.38 despite Ripple’s many positive drives
Trading volume eased 5% over the last 24 hours to $2.39 billion. However, the crypto market is trending higher, with the total value of digital assets up 1.27% to $2.45 trillion.
XRP-focused firm Evernorth plans to go public on Nasdaq via a SPAC merger and list its stock under the ticker XRPN, positioning itself as a large on-chain XRP treasury vehicle.
According to a recent report, Evernorth, backed by Ripple, is progressing toward a merger with SPAC Armada Acquisition Corp II, with the combined company planning to list on Nasdaq under the ticker “XRPN” and market itself as the largest public XRP treasury.
The structure is described as a digital asset treasury that holds and actively deploys XRP on chain, while operating as a public company with standard disclosures and governance.
Evernorth has reportedly raised over $1 billion in gross proceeds and is nominating high-profile board members, such as Ripple’s Chief Legal Officer, Stuart Alderoty, and J Capital’s Ted Janus, as part of this plan.
XRPN is not a new cryptocurrency, but a planned stock listing in the United States that gives equity exposure to a company built around an XRP treasury strategy.
An ex-Ripple executive, Sagar Shah, argues that XRP digital asset treasuries (like Evernorth) are a “smarter play” than spot XRP ETFs because they actively deploy XRP on-chain, seek yield, and support ecosystem activity, rather than passively holding coins in a wrapper.
Spot XRP ETFs, which already exist and have attracted over $1.21 billion in net inflows, mainly track XRP’s price and charge a fee.
A treasury vehicle, by contrast, can run strategies, take risks, and potentially generate returns beyond simple price exposure, but also adds company and execution risk on top of XRP volatility.
XRPN, if listed, could behave more like an actively managed, XRP-centric operating company than a pure price tracker, so outcomes may diverge from simply holding XRP or an XRP ETF.
For XRP holders, the main impact is indirect: a large public treasury vehicle can increase institutional attention and on-chain usage of XRP, but it does not change XRP’s supply or protocol fundamentals.
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