Ripple-Backed Evernorth to Debut on Nasdaq With 473 Million XRP

Ripple-backed Evernorth Holdings completed its merger with Armada Acquisition Corp. II on October 9, clearing the way for its Nasdaq debut. The XRP treasury company plans to begin trading under the ticker XRPN on October 12.

Evernorth enters the public market with approximately 473 million XRP and $300 million in gross cash proceeds. Meanwhile, crypto analysts Dark Defender and EGRAG Crypto continue to track key XRP price support levels following a recent market decline.

Evernorth Completes Armada Merger Ahead of Nasdaq Listing

Evernorth finalized its business combination with Armada, a special purpose acquisition company that Arrington XRP Capital Fund sponsored. Evernorth first announced its proposed public listing in October 2025. Armada shareholders approved the transaction at a September 30 meeting.

The October 9 closing completed the merger and established Evernorth as a publicly traded XRP-focused treasury business.

The company expects its common shares to start trading on Nasdaq on Monday, October 12. An earlier company announcement targeted October 8 for trading, but the latest timetable specifies October 12.

Evernorth also plans to ring the exchange’s closing bell on October 14. Company executives, investors, and XRP ecosystem participants expect to attend the ceremony marking its public-market entry.

Ripple Support Evernorth’s XRP Treasury

Evernorth reported approximately 473 million XRP at the deal’s closing. The company also secured around $300 million in gross cash proceeds before transaction expenses. An October 1 update outlined approximately $225 million from private placements, $30 million from convertible note financing and $48 million from Armada’s trust account. Investors contributed XRP directly alongside cash funding.

Ripple joined Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR among the company’s backers. The investor group includes both financial institutions and businesses active in digital assets.

Evernorth plans to manage its XRP holdings rather than simply maintain a passive treasury position. The company says its activities will include yield strategies, ecosystem participation and capital markets transactions.

Evernorth Plans to Fund XRP Ecosystem Development

Founder and Chief Executive Officer Asheesh Birla said Evernorth would deploy capital across the XRP ecosystem. Management plans to support infrastructure and applications that expand XRP’s use. The company also intends to pursue investment strategies aimed at increasing the amount of XRP attributable to each share over time.

Evernorth identified tokenized assets, on-chain credit markets and settlement systems as areas requiring capital. Its public listing introduces reporting, governance and disclosure obligations alongside that investment strategy. Arrington Capital founder Michael Arrington said the firm’s support reflected its expectations for further institutional participation in the XRP ecosystem.

XRP Price Prediction: Analyst Track Recovery Levels

Dark Defender’s weekly XRP chart outlines an Elliott Wave recovery scenario. His analysis places XRP price in a second corrective sub-wave after completing the first. The chart identifies $1.3798 as support and roughly $1.56 as a level to clear before another advance.

Fibonacci projections mark $1.8815, $4.1043, and $7.0786 as possible upside levels. Another extension lies near $2.90 on the chart.

EGRAG Crypto focuses on XRP’s monthly chart and two long-term moving averages. His analysis uses the 33-month exponential moving average as a resistance reference and the 111-month average as longer-term support.

EGRAG considers $1.20 the main threshold for preserving its bullish thesis on a monthly closing basis. A sustained move below that level would require XRP price to reassess the setup.

EGRAG marks $1.65 as the first level XRP would need to reclaim. His chart then identifies Fibonacci extensions near $5.16, $6.21, and $8.09, alongside a more speculative projection above $15.

This article is for informational purposes only and does not constitute financial or investment advice. XRP prices, analyst projections, treasury values and corporate financing details may change.