Massive XRP Move by Evernorth Sparks Questions Before Nasdaq Listing

TLDR

• Evernorth transfers 126M XRP worth over $280M ahead of Nasdaq listing
• New wallet created for XRP transfer using BitGo custody services
• Evernorth now controls over 473M XRP valued at more than $1B
• Ripple-backed Evernorth prepares for merger with Armada Acquisition Corp II
• XRP price drops as trading volume and leveraged positions decline

Evernorth Holdings has transferred 126.7 million XRP, valued at over $280 million, to a new wallet. The move, flagged by blockchain tracker Whale Alert, is creating buzz in the market. As Evernorth prepares for its Nasdaq debut, the transfer is drawing attention.

Evernorth Reorganizes XRP Holdings

On November 5, Evernorth moved over 126 million XRP to a newly created wallet. This wallet uses BitGo custody services, signaling a potential strategic shift within the company. The transfer comes as Evernorth reorganizes its XRP holdings ahead of its Nasdaq listing.

The move reflects Evernorth’s ongoing internal treasury adjustments. The company still holds more than 261 million XRP in its primary wallet. This reshuffling is part of the company’s preparations as it merges with Armada Acquisition Corp II.

Evernorth’s total XRP holdings now exceed 473 million, valued at over $1 billion. The firm is positioning itself as the world’s largest XRP treasury. Ripple, which backs Evernorth, will send the XRP to the company in exchange for XRPN shares post-merger.

XRP Price Drops Despite Positive Ripple News

Evernorth’s large XRP transaction occurs amidst a broader market downturn. Despite Ripple’s positive progress, including a $500 million funding round, XRP’s price has fallen. The coin dipped below $2.20, reflecting a broader trend of declining interest from short-term traders.

XRP trading volume shrank by over 12%, signaling weaker market activity. Futures data from Coinglass shows a decline in leveraged positions, with open interest dropping by nearly 5%. This decline in liquidity comes even as Evernorth moves toward its merger and Nasdaq listing.

With Evernorth’s transfer and Nasdaq listing on the horizon, all eyes remain on the company’s next steps. The reshuffling of XRP holdings is not expected to lead to immediate market manipulation. However, the upcoming Nasdaq listing could generate more interest in Evernorth and its XRP holdings.

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