XRP News Today: Evernorth's XRP Reinvestment Strategy Drives $1B Treasury, Boosting Institutional Confidence

Evernorth Holdings, a Ripple-backed digital asset firm, has reached a pivotal milestone as its XRP treasury surpassed $1 billion in value, propelling the token's price higher and signaling growing institutional confidence in the asset. The company now holds 388.7 million XRP tokens, valued at over $1 billion, according to data from XRPScan and CryptoQuant, as reported in a Coinrise article. This rapid accumulation follows a series of large transfers from Ripple, including a 530 million XRP contribution on October 23, and personal allocations from Ripple executives like Chris Larsen, who transferred 50 million XRP to Evernorth on its launch day, according to the same Coinrise coverage.

The market responded positively to the news, with XRP surging over 4% in a 24-hour period, trading between $2.40 and $2.58, per Coinrise's figures. Analysts attribute the price action to Evernorth's role in stabilizing XRP's market, as its treasury strategy involves purchasing tokens at current prices and reinvesting gains into further acquisitions through DeFi protocols. CEO Asheesh Birla emphasized the company's long-term vision, telling LiveBitcoinNews that "We aim to make XRP a stronger asset by reinvesting gains into new token purchases," he stated, adding that the firm plans to deploy XRP for lending, liquidity provision, and validator operations to bolster the Ripple network.

Evernorth's progress accelerates ahead of its planned Nasdaq listing under the ticker XRPN via a merger with Armada Acquisition Corp II. The firm has secured backing from major investors, including SBI Holdings, Pantera Capital, and Kraken, with its $1 billion funding target now 95% achieved, according to LiveBitcoinNews. Birla, a 12-year Ripple veteran, highlighted the regulatory clarity now surrounding XRP in the U.S. as a catalyst for institutional adoption.

Meanwhile, the broader XRP ecosystem faces regulatory headwinds. While spot ETFs for Litecoin and Hedera are set to launch on Nasdaq, XRP ETF applications remain delayed due to the SEC's ongoing review, exacerbated by the U.S. government shutdown, as reported by Crypto.news. Despite this, the first U.S.-listed spot XRP ETF, REX-Osprey's XRPR, has already surpassed $100 million in assets under management, according to a Yahoo Finance report. Evernorth's public treasury vehicle may serve as an alternative entry point for investors seeking exposure to XRP, particularly as institutional activity in the token intensifies, a TradingView article notes.

Retail and institutional demand for XRP has also gained momentum. Prominent crypto trader James Wynn recently committed a "significant portion" of his portfolio to XRP, citing its potential to revolutionize cross-border payments in a Crypto.news article. His move, coupled with Uphold's 199,998 XRP contribution to Evernorth, underscores growing validation of the asset's utility.

As Evernorth prepares for its public debut, the XRP market remains in flux. With its treasury strategy and regulatory developments in play, the token's trajectory will likely hinge on broader macroeconomic trends and the SEC's eventual stance on XRP ETFs, as explored in a TradingView analysis.