Key Insights:
- Evernorth has acquired over 84.36 million XRP.
- The Ripple-backed treasury firm’s XRP holdings reached 473,276,430 XRP.
- It will merge with SPAC Armada Acquisition Corp soon after a ticker change to XRPN last week.
- XRP price slipped 15% in a week amid a broader crypto market crash.
XRP treasury Evernorth Holdings on Tuesday said it has acquired an additional 84,365,876.3625 XRP. The Ripple-backed treasury firm has boosted its total XRP holdings to 473,276,430 XRP.
This comes after Evernorth successfully accumulated XRP worth over $1 billion. It has become the latest to join VivoPower International, Trident Digital Tech Holdings, and Webus to stockpile XRP.
Evernorth Boosts XRP Treasury Holdings to 473.27 Million
According to a press release on November 4, Armada Acquisition Corp. II and Evernorth disclosed a purchase of 84,365,876.3625 XRP at an average price of $2.53657058 per coin.
It comes as part of a long-term institutional XRP accumulation strategy. The purchase was made as part of the $214 million in cash raised through its earlier private placement.
With the latest purchase, Evernorth’s total XRP holdings reached over 473,276,430 XRP. It indicated Evernorth’s conviction in XRP and focus on building an institutional-grade XRP treasury with compounding yield.
Evernorth Acquired $1 Billion in XRP from Ripple
XRP treasury Evernorth accumulated over 388.71 million XRP worth over $1 billion last week, according to on-chain data. Ripple sent more than 338 million XRP in total to an Evernorth-linked wallet.
On-chain analysis revealed that the wallet received XRP from Uphold, Coinbase, and Gemini since announcing treasury plans. Transfers from individuals, including Chris Larsen and Edward Hennis, were also noted.
Earlier, Chris Larsen confirmed a 50 million XRP investment in Evernorth treasury deal. SBI, Ripple, Rippleworks, Pantera Capital, Kraken, and GSR also committed investment in the XRP treasury.
Notably, Ripple plans to contribute 126,791,458 XRP tokens to the company in exchange XRPN class A common stock on a one-for-one basis.
Last week, Armada Acquisition Corp II announced its ticker symbol change to XRPN on Nasdaq. The crypto community sees it as a major progress towards establishing the largest XRP treasury.
The company also announced a change in the ticker symbol for its units from AACIU to XRPNU and the ticker symbol for its warrants from AACIW to XRPNW.
XRP Price Faces Selling Risk
XRP price fell 4% in the past 24 hours and 15% in a week, trading at $2.26 at the time of writing. The 24-hour low and high were $2.24 and $2.38, respectively.
However, trading volume jumped to $7.45 billion in the last 24 hours, up 46%. This comes amid buy-the-dip sentiment among traders.
In the daily timeframe, the price was trading below the 50-SMA, 100-SMA, and 200-SMA at the time of writing. It happened as whales sold 900,000 XRP in just 5 days amid the crypto market crash.
Whereas, the Relative Strength Index (RSI) dropped to 35.698, signaling potential weak price action in the coming days.
CoinGlass data showed massive selling in the derivatives market. The total XRP futures open interest dropped 6% to $4.31 billion in the last 24 hours.
Also, XRP futures OI on CME and Binance slipped 3% in the last 4 hours. Derivatives traders are selling ahead of the monthly expiry on Friday.