XRP Trades at $1.48 Ahead of Evernorth Nasdaq Debut, TP Shifts
Ripple (XRP) trades at $1.48 on Saturday, down by more than 3% in 24 hours, underperforming a slightly weaker crypto market, driven mainly by leveraged traders unwinding positions and increased sell-side liquidity on exchanges.
Crypto analysts said XRP’s trajectory is being shaped by foundational institutional progress—from public treasury listings to bank integrations and ETF advancements—even as short-term price action remains choppy.
Ripple’s payments footprint gives XRP a recognisable use case and a deep market. Those strengths mean investors can gain exposure to an established name when cross-border transfers attract attention. Its current valuation also sets a high bar for a dramatic percentage move.
In a recent development, Armada Acquisition Corp. II shareholders approved the merger with Ripple-backed Evernorth, clearing the final major hurdle.
The deal is expected to close on 7 October, with Nasdaq trading under ticker XRPN starting 8 October. Evernorth will hold about 473 million XRP, positioning it as the largest publicly traded pure-play XRP treasury company.
This is bullish for XRP because it creates a new, regulated vehicle for institutional investment, potentially increasing demand and liquidity.
However, a significant portion of the raised capital has already been used to purchase XRP, limiting immediate new buying pressure.
In addition, the Bitwise XRP ETF received an SEC’s review of effectiveness notice, a major milestone that completes its registration statement review.
This step is necessary before the fund can begin trading but does not guarantee investor demand or final regulatory approval for XRP itself.
This bullish regulatory development removes a key administrative obstacle, paving the way for another institutional investment product. The notice coincided with a 7.7% price move, highlighting how ETF progress can drive short-term sentiment.
Technical traders said XRP dipped on derivatives unwinding and increased exchange supply, as the Binance XRP Scarcity Index hit its lowest level since January 2025, signalling that more tokens are available for last month’s essential selling.
Binance XRP open interest fell 15.3% from last month’s six-month high, indicating that leveraged long positions are being closed.
Meanwhile, the Binance XRP Index fell to -0.94, its lowest since January 2025, indicating that more XRP has moved into exchange wallets, increasing available supply and downward pressure.
The market is experiencing a deleveraging phase combined with heightened sell-side liquidity, which often amplifies short-term price declines.
A sustained rise in the scarcity index back toward zero, which would signal coins are leaving exchanges and selling pressure may be easing.
While XRP fell, several smaller-cap altcoins posted double-digit weekly gains. This suggests traders are rotating capital out of larger, slower-moving assets like XRP into higher-beta tokens to chase faster returns.
XRP’s weakness is partly driven by shifting risk appetite within the altcoin complex, not just its own fundamentals.
The immediate technical structure shows key support at $1.48–$1.50 (aligning with the recent swing low and a psychological level). Resistance sits at $1.54, the threshold for a potential hourly-chart breakout.
The scheduled Evernorth Nasdaq listing on October 8 is a near-term catalyst; if it fails to attract fresh buying interest, the bearish pressure could persist. The trend is bearish in the very short term, with the market testing a critical support area.
XRP is facing a combination of technical selling, derivatives unwinding, and capital rotation, outweighing recent partnership news. The path of least resistance remains down until key support is defended or a positive catalyst emerges.
Investors are guided to watch whether U.S. spot XRP ETF flows turn positive in the days following the Evernorth listing, as that would signal institutional demand is returning to absorb the increased supply.
XRP target price has shifted following recent rally. 2006 year-end target price is clustering between $1.60 and $2.80–$5.00 based on broader market momentum. In the short term, traders said they are targeting a climb to $1.70.
