XRP Rises as Evernorth Merger Vote Clears Key Nasdaq Hurdle

XRP gained on September 30 after shareholders approved the proposed merger between Ripple-backed Evernorth and Armada Acquisition Corp. II, removing a major hurdle in the XRP treasury company's planned Nasdaq debut.

XRP rose about 1.89% to $1.51 at the time of reporting after briefly falling below $1.47 before the vote. The cryptocurrency experienced a volatile session, initially climbing toward $1.55 before reversing and trading mostly between $1.48 and $1.50.

Buying activity later returned, pushing XRP toward $1.54 before another pullback. The token subsequently found support below $1.50 and recovered toward $1.51, suggesting buyers stepped in following the earlier weakness.

The rebound coincided with reports that Armada shareholders approved the Evernorth merger. Bear Champ, an XRPL collaborator who followed the shareholder meeting, announced the result on X.

“Listened in on the Armada/Evernorth merger vote, it passed,” Bear Champ wrote.

The approval represents an important milestone for Evernorth, which plans to establish a large corporate XRP treasury through a publicly traded structure. Once the transaction satisfies its remaining closing requirements, the combined company is expected to trade on Nasdaq under the ticker “XRPN.”

The proposed transaction involves more than 473 million XRP, giving the planned company significant exposure to Ripple's cryptocurrency. The shareholder approval does not directly alter XRP holdings among individual investors, but it advances the creation of a publicly listed company with a substantial XRP treasury.

The development has attracted attention across the XRP community as investors assess whether increased institutional exposure could affect demand and market sentiment surrounding the token.

Attention will now shift toward official confirmation of the shareholder vote and completion of the remaining merger conditions. XRP traders are also watching whether the token can maintain support around $1.50 following the volatile September 30 trading session.