Ripple’s XRP Needs Banks to Use It as Working Capital to Drive Sustained Utility Demand

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Asheesh Birla, CEO of Evernorth, addressed concerns about XRP’s failure to meet adoption metrics this month. The CEO’s quick take: XRP is not yet a liquidity bridge at scale. The version that could drive sustained utility demand is the one in which banks and businesses leverage it as working capital.

The take arrives after Evernorth Holdings Inc. announced its public launch and business combination with Armada Acquisition Corp II (Nasdaq: AACI) in October 2025. The transaction will create the largest public XRP treasury company, raising over $1 billion in gross proceeds, including $200 million from SBI and investments from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Chris Larsen.

Closing in Q1 2026, net proceeds will fund open-market XRP purchases for institutional treasury, working capital, and expenses.

Meanwhile, Joao Wedson cautions that XRP could still need to drop a bit more. The Number of Days Spent at a Profit metric indicates it is below historical extremes, suggesting the market may still need more time or further downside to reach a structure similar to previous bottoms.

XRP’s latest news blends regulatory progress with tech adoption. The CLARITY Act advanced after the Senate deal, and XRPL integrated AI agent payments on March 21, 2026, both of which supported cautious optimism.

That said, XRP transactions are nearing 3 million per day, up from ~1 million in mid-2025. At press time, CoinMarketCap data shows XRP’s price is $1.39, up 0.13% (24h) and -1.3% (7d).

Chatter mixes regulatory optimism and AI bullishness with concerns over escrow unlocks and whale decline. The consensus is mixed. Price remains range-bound with whales distributing. Watch the $1.40 support; a sustained break could signal the bearish narrative winning.

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