XRP Price Drops 3% Despite Ripple-Backed Evernorth Nasdaq Debut

XRP price continued to struggle on Tuesday, October 13, despite the highly anticipated Nasdaq debut of Ripple-backed Evernorth Holdings, the largest publicly traded XRP treasury company. The cryptocurrency declined 3% over the past 24 hours, underperforming major digital assets as bearish sentiment weighed on the broader crypto market.

According to CoinGlass data, XRP was trading at approximately $1.37, with a market capitalization of $86.4 billion. The decline came as the total cryptocurrency market capitalization fell 2.8%, reflecting widespread selling pressure.

However, XRP recorded steeper losses than Bitcoin and Ethereum. Bitcoin (BTC) slipped just 1%, while Ethereum (ETH) declined 0.5%, highlighting XRP's relative weakness despite a major institutional development involving Ripple.

Evernorth Holdings officially began trading on the Nasdaq under the ticker XRPN on October 12, following the completion of its merger with Armada Acquisition Corp. II on October 9.

The company entered public markets holding approximately 473 million XRP tokens, valued at around $648 million at current prices. Evernorth also reported roughly $300 million in gross cash proceeds before transaction expenses.

Backed by prominent investors including Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken, and GSR, Evernorth aims to become a leading publicly traded investment vehicle focused on XRP treasury management.

However, its Nasdaq debut failed to generate immediate bullish momentum. XRPN shares initially traded near $19.38 before retreating to $16.91 by the closing session, reflecting a disappointing start for the newly listed company.

The lack of a positive XRP price reaction largely reflects how Evernorth accumulated its cryptocurrency holdings. Rather than purchasing 473 million XRP tokens immediately after listing, the company built its treasury through earlier acquisitions and contributions from investors.

Consequently, the Nasdaq listing did not create substantial new buying pressure in the XRP market.

Although major Ripple partnerships, acquisitions, and regulatory developments can strengthen long-term investor confidence, they do not necessarily trigger immediate price increases.

Evernorth's future expansion could eventually support additional XRP demand if the company increases its treasury holdings. For now, however, broader cryptocurrency market weakness and limited fresh buying activity appear to be overshadowing the significance of its public listing.

XRP investors will likely monitor Evernorth's future treasury purchases and XRPN stock performance for potential signs of renewed institutional demand.