The sharp fall in XRP’s price outweighed a growing token supply, reducing its circulating market value by $61.14 billion over the year since Evernorth Holdings Inc. signed its business-combination agreement.
An end-of-day UTC reading for Oct. 19, 2026, put XRP’s circulating market value at $82.24 billion, compared with $143.38 billion on Oct. 19, 2025. That is a 42.6% decline. XRP’s price fell about 45.5% between the readings, from $2.3906 to $1.3027.
Reported circulating supply moved in the other direction, rising from 59.98 billion XRP to 63.13 billion. The added supply limited the decline in circulating market value, which reflects both the token’s price and the number of tokens counted. The $61.14 billion gap is a change in valuation, not an equivalent amount of cash withdrawn from XRP.
Evernorth entered into its business-combination agreement on Oct. 19, 2025, the date of the earlier snapshot, and announced the plan the next day. It projected more than $1 billion in gross proceeds, including XRP contributions, for a publicly traded company built around XRP holdings and related strategies.
The business combination was completed Oct. 9, 2026. At closing, Evernorth held about 473 million XRP, and gross cash proceeds stood at approximately $300 million before transaction expenses. Shares started trading on Nasdaq under the ticker XRPN on Oct. 12, a week before the later XRP snapshot.
The original projection included value from XRP contributions, while the closing figure represented gross cash proceeds, so they cover different parts of the transaction. Evernorth founder and CEO Asheesh Birla said at closing that the company planned to invest across the XRP ecosystem. Its holdings tie the company’s results to changes in XRP’s price.
