Evernorth went public on Nasdaq, but XRP still fell

Evernorth Holdings entered the public market, yet XRP found itself in an unfavorable position compared to the rest of the cryptocurrency market. According to CoinGlass, over the past 24 hours, XRP has decreased by 3%, with its current price at $1.37. The market capitalization of XRP is approximately $86.4 billion. While the overall cryptocurrency market decreased by 2.8%, Bitcoin (BTC) fell by 1%, and Ethereum (ETH) by 0.5%.

Evernorth went public on the Nasdaq on October 12, completing its merger with Armada Acquisition Corp. II on October 9. After going public, Evernorth holds approximately 473 million XRP tokens, which amounts to around $648 million at the current XRP price. The company also reported total cash proceeds of about $300 million (excluding transaction expenses). Evernorth will become the largest publicly traded company exclusively managing the XRP treasury following the deal's completion. Key investors in Evernorth include Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken, and GSR. However, the company's first trading session was not successful. XRPN shares began trading at around $19.38 but then sharply fell, closing at $16.91, thus decreasing by 1.05% compared to the previous session.

Despite its ties with Ripple, XRP often does not respond promptly to significant events such as partnerships, acquisitions, or regulatory news. However, the situation with Evernorth's listing is different, as Evernorth's business is directly linked to XRP. The primary goal of Evernorth is to hold and manage XRP tokens, which could potentially increase demand for them in the long run. However, the listing did not lead to significant additional demand for XRP, as the bulk of Evernorth's treasury consists of past XRP contributions from investors and previous purchases. This means that upon the company's entry into the public market, there was no unexpected purchase of 473 million XRP.