Ripple's XRP Needs Banks to Use It as Working Capital to Drive Sustained Utility Demand – Evernorth CEO

Asheesh Birla, CEO of Evernorth, has outlined why XRP’s price remains dislocated from its adoption metrics. He highlighted that while daily transactions are rising, institutional adoption is still developing. Evernorth is positioning XRP as a working capital tool for banks and businesses.

Birla explained that sustained utility demand for XRP will emerge when banks and businesses begin using it as a liquidity bridge. Evernorth targets institutional investors with a regulated and simplified way to access XRP. The firm's approach reduces complexity associated with direct token ownership.

XRP activity has surged, with daily transactions approaching 3 million at the end of last week. However, Birla emphasized that this growth mainly reflects retail engagement. Institutional adoption remains the key to XRP's long-term utility.

Why Is Institutional Adoption Key for XRP?

Institutional adoption is crucial for XRP's sustained demand. Unlike retail transactions, institutional usage brings deeper liquidity and broader professional engagement. Evernorth’s strategy involves managing XRP in an actively managed treasury, generating yield through lending and DeFi.

Evernorth is preparing for a Nasdaq listing via a SPAC merger, aiming to raise over $1 billion. This move reflects the company's belief in XRP's institutional potential. The SPAC merger will allow the firm to operate under SEC oversight, reducing regulatory uncertainty.

How Does Evernorth's Strategy Support XRP Utility?

Evernorth's approach positions XRP as a Wall Street-ready asset. By packaging XRP in a publicly tradable structure, the company simplifies access for institutional investors. This includes managing liquidity and engaging with institutional counterparties.

The company's strategy includes running XRP Ledger validators and using RLUSD in DeFi. This demonstrates Evernorth's commitment to the XRP ecosystem. Ripple executives and major financial backers support the initiative, enhancing credibility.

What Are the Recent Price and Network Trends for XRP?

XRP has shown signs of short-term weakness. ETF flows have turned negative, with U.S. XRP ETFs recording more outflows than inflows in March. A Bitwise fund reported a net loss of $25.9 million due to unrealized losses on its XRP holdings.

XRP reserves on Binance have dropped by 61% since July 2025. This decline may indicate institutional accumulation or increased on-chain usage. Despite this, order book data shows stronger buying pressure, suggesting potential support at lower levels.

The XRP Ledger continues to grow. There are now over 7.6 million wallets on the network, with increasing participation from small, mid-sized, and large holders. This steady network growth indicates underlying demand despite price volatility.

What Is Evernorth's Plan for Institutional XRP Adoption?

Evernorth plans to build an institutional-grade XRP treasury. The company will purchase XRP from open markets and grow holdings through yield-generating strategies. These strategies include lending and DeFi activities, which enhance XRP's utility as a working capital tool.

By running XRP Ledger validators, Evernorth supports the network's security and decentralization. The use of RLUSD in DeFi further demonstrates the company's commitment to the ecosystem.

The joint SEC-CFTC guidance classifying XRP as a commodity has reduced regulatory uncertainty. This classification supports institutional adoption by providing a clearer legal framework. Evernorth's Nasdaq listing could set a precedent for institutional-grade crypto treasuries.