Rithm Capital Pref C's SMA50 turns upward on 15-minute chart.

As per Rithm Capital Pref C's 15-minute chart, a significant development has occurred. The 50-day Simple Moving Average (SMA) has turned upward, accompanied by a 20-day SMA turn upward. This shift in market sentiment indicates a change in control, as buyers are now driving the price upward in the mid-term.

Evernorth Holdings, a newly formed Nevada-based corporation, has announced plans to go public through a merger with Armada Acquisition Corp II (AACI), a publicly traded special purpose acquisition company. The combined entity, to be known as Evernorth Holdings Inc., is expected to trade on Nasdaq under the ticker "XRPN," pending regulatory approvals and listing requirements, according to a Pulse2 report.

The report said the transaction is expected to raise over $1 billion in gross proceeds, including a $200 million strategic investment from SBI Holdings and additional participation from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen, among others. The funds will primarily be used for open-market purchases of XRP to establish the world’s largest institutional XRP treasury. A portion of the proceeds will also be allocated toward working capital, transaction costs, and general corporate purposes.

Evernorth is designed to serve as a first-of-its-kind publicly listed XRP treasury vehicle, providing investors with simple, liquid, and transparent exposure to XRP. Unlike a passive ETF, Evernorth’s model actively seeks to increase XRP per share over time through participation in institutional lending, liquidity provisioning, and DeFi yield opportunities. This approach aims to generate yield while supporting the broader XRP ecosystem and promoting its adoption in institutional markets, the report added.

The company will be led by Asheesh Birla, a seasoned blockchain executive who previously served as a senior leader at Ripple. He will be joined by Matthew Frymier (CFO), Meg Nakamura (COO), Jessica Jonas (CLO), and Sagar Shah (CBO), a team with extensive experience across digital assets, capital markets, and financial services, the report noted.

Ripple will act as a strategic investor, maintaining alignment with Evernorth’s mission while ensuring its operational independence. Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will serve as strategic advisors to support Evernorth’s integration with the XRP ecosystem, according to the same report.

The transaction has been unanimously approved by the boards of both companies and is expected to close in Q1 2026, subject to customary closing conditions and shareholder approval. Upon closing, each Class A share of Armada II that is not redeemed for cash will automatically convert into one Class A share of Evernorth, the report said.

Beyond serving as an institutional XRP treasury, Evernorth plans to invest in initiatives that strengthen the XRP Ledger, including operating validators for enhanced network security, integrating DeFi infrastructure through Ripple’s RLUSD stablecoin, and providing market liquidity for tokenized assets and payments projects. These activities will position Evernorth not only as a digital asset investment vehicle but also as a catalyst for institutional adoption of XRP, according to the report.