Key Takeaways
- Evernorth’s XRP holdings declined by $95 million in value over 2.5 weeks.
- The firm’s initial purchase of 389 million XRP now shows an unrealized loss amid market weakness.
Evernorth Holdings, an XRP-centric treasury entity with strong connections to Ripple executives, has seen nearly $100 million wiped off the value of its XRP portfolio since the firm began accumulating the digital asset in late October.
According to CryptoQuant’s analysis, the Ripple-backed firm purchased around 389 million XRP for roughly $947 million.
With XRP trading at over $2 at press time, Evernorth’s holdings are valued at over $850 million, representing an unrealized loss of over $95 million.
XRP, Ripple’s native crypto asset, plummeted around 24% in the last 30 days amid a market-wide correction that sent Bitcoin tumble below $100,000 for the first time since June.
The decline continues despite recent positive developments, including Ripple’s $500 million fundraising from top-tier institutional investors.
Source: https://cryptobriefing.com/evernorth-xrp-market-weakness/