Ripple’s New Venture Evernorth Buys $1B in XRP, Price Climbs 1.5%

Core Insights - Evernorth Holdings, a new venture backed by Ripple, has acquired approximately $1 billion worth of XRP tokens, marking a significant institutional investment in the cryptocurrency [1] - The acquisition consists of 388.7 million XRP tokens purchased at an average price of $2.44, with current holdings valued at about $1.03 billion, resulting in an unrealized profit of around $85.5 million [2] Company Developments - Evernorth officially launched on October 20 as a digital asset management and treasury firm, led by Ripple veteran Asheesh Birla, aiming to bridge traditional finance and the XRP ecosystem [3] - The company is preparing to go public through a SPAC merger with Armada Acquisition Corp II, with plans to trade under the ticker XRPN on Nasdaq [3][4] Market Reaction - Evernorth's accumulation of XRP has generated optimism among investors, contributing to a price increase from $2.60 to $2.66, reflecting a 10% weekly gain [4] - The news coincides with speculation regarding the approval timeline for spot XRP ETFs in the U.S., which could enhance XRP's long-term credibility [5] Analyst Predictions - Analysts suggest that institutional investments like Evernorth's could strengthen XRP's market position, with predictions of a potential "parabolic move" in XRP's price once its current reaccumulation phase concludes [5][6]