**Evernorth Holdings Boosts XRP Holdings with Over $1 Billion Acquisition**
Ripple-backed digital asset firm Evernorth Holdings has made significant moves in the cryptocurrency market by acquiring a large stack of XRP tokens. These substantial purchases have positively influenced market sentiment, driven by new whale inflows into the asset.
This year, corporate crypto treasuries have notably increased their holdings as more companies seek to diversify their balance sheets. On-chain data reveals that Evernorth Holdings accumulated more than 388.7 million XRP, valued at over $1 billion, soon after unveiling its crypto treasury. This acquisition marks a significant milestone for the company, which officially launched on October 20.
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**Plans for Nasdaq Listing and Strategic Collaborations**
Evernorth is considering listing as a publicly traded XRP company on Nasdaq, a move warmly welcomed by the crypto community. Asheesh Birla, Evernorth’s CEO, has pledged to deepen collaborations with XRP, including upcoming deals with Rippleworks and the SBI Group.
Birla, who stepped down from Ripple to lead Evernorth, is playing a pivotal role in strengthening the relationship between the two entities. Moreover, plans are underway to finalize a merger with Armada Acquisition Corp. II. Concurrently, the company aims to raise approximately $1 billion to fund additional crypto purchases.
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**Backing from Leading Investors**
“We’re backed by a world-class group of investors and leaders, including SBI, Ripple, Arrington Capital, Pantera Capital, and Kraken — firms that share our conviction in XRP’s future,” Birla stated. He emphasized that XRP now enjoys clear regulatory standing in the United States, paving the way for large-scale adoption.
Birla described Evernorth as a trusted and transparent bridge to public markets at a time when institutional demand for cryptocurrency is surging.
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**Market Context and XRP’s Resilience**
Previously, XRP faced negative pressure following lawsuits filed by the United States Securities and Exchange Commission (SEC) alleging the sale of unregistered securities. However, the prospect of a pro-crypto approach during former President Trump’s second term shifted market dynamics significantly. This change encouraged bullish investments as regulators began ushering in clearer rules.
Top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and XRP, recorded substantial growth within months. Notably, XRP briefly surpassed USDT as the third-largest cryptocurrency by market capitalization.
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**Current Market Performance**
At the time of writing, XRP is trading at $2.63, up 10% over the past week. The wider market has remained relatively sideways, with traders exercising caution following a recent flash dip that erased previous gains.
Evernorth’s significant investment has energized short-term traders, who are also responding to previous analyst expectations of a price increase.
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**Growing Institutional Interest in XRP**
XRP-based treasury firms are gaining momentum through a steady influx of traditional capital. Last week alone, institutional investments in XRP funds exceeded $84 million, signaling growing confidence in the asset’s long-term potential.
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With Evernorth’s strong backing and strategic initiatives, XRP appears well-positioned to capitalize on increasing institutional demand and regulatory clarity, setting the stage for potential growth in the coming months.
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