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- Evernorth’s merger with Armada aims to build massive XRP reserves, backed by Ripple and major global investors.
- XRP trades near $2.40 amid market volatility, with possible rebound toward $2.70 if buying strength returns.
Evernorth Holdings, a digital asset venture supported by Ripple Labs, announced its merger with Armada Acquisition Corp II, a Nasdaq-listed special purpose acquisition company. The deal is expected to be finalized in the first quarter of 2026 and could generate proceeds exceeding $1 billion.
The digital asset treasury will focus on building one of the world’s largest XRP reserves through open-market acquisitions. XRP remains the fifth-largest cryptocurrency by market capitalization, though recent weeks have brought sharp price swings.
Ripple’s involvement signals a renewed push for institutional engagement with XRP, following the conclusion of a major regulatory case earlier this year that challenged its sales practices to institutional investors.
Evernorth to Trade as ‘XRPN’ After Nasdaq Listing
The new company will trade under the ticker symbol “XRPN” upon completion of the deal. Evernorth’s CEO, Asheesh Birla, said that the new investment aims to “accelerate XRP adoption” as institutional investors are showing renewed interest in decentralized finance (DeFi).
I’m proud to share that we’ve launched @evernorthxrp, a first-of-its-kind institutional vehicle built to accelerate XRP adoption. With over a decade of uptime and a rapidly growing DeFi ecosystem, XRP is well-positioned for adoption — and Evernorth is built to meet that moment.… pic.twitter.com/2YGgQsNWCd
— Asheesh Birla | CEO at Evernorth (@ashgoblue) October 20, 2025
Birla, who was a former senior executive at Ripple, has confirmed that he is resigning from Ripple’s board to lead a new company. He also said, “We will look at acquisition opportunities,” suggesting that the company plans to grow by hiring new people for its investment team and making strategic deals.
Among investors taking part in this investment are Japan’s SBI Holdings, which was once linked with SoftBank. The company is investing $200 million in exchange for equity. Other major backers include Ripple’s co-founder Chris Larsen, Pantera Capital, Kraken, and GSR.
According to CNF, this merger comes shortly after Ripple’s separate plan to raise $1 billion through XRP sales to increase its digital asset reserves. Ripple also agreed to buy G-Treasury, a corporate treasury management platform, in a deal worth about $1 billion. The goal of this purchase is to expand Ripple’s liquidity and payment systems.
XRP Price Struggles Amid Market Downturn
At the time of writing, XRP was priced at $2.41, dropped by 1.88% over the past 24 hours, and has fallen about 20% in the last month. The token is now roughly 33% below its July peak of $3.65.
Experts attribute this decline to the overall weakness in the cryptocurrency market, which followed the downturn in global markets earlier this month.
On the daily chart, XRP is staying near its lower Bollinger Band. The Relative Strength Index (RSI) is at 39.9, showing a slightly bearish trend but not yet in the oversold zone. If buying pressure increases, the price could rise again toward the $2.60–$2.70 range. But if the price falls below $2.10, it might drop further to around $1.80.
Despite the recent drop, traders believe that if prices stay above $2.40, the market could stabilize. If momentum improves, prices might rise again to between $3.00 and $3.15.
