Evernorth Accumulates $1B XRP Ahead of SPAC Listing
Evernorth Holdings, backed by Ripple, has accumulated over 388.7 million XRP tokens, investing about $1 billion at an average price of $2.44. At the current market price of $2.66, this positions its XRP portfolio at $1.03 billion, netting an unrealized gain of $85.5 million. The firm plans to go public via a SPAC merger with Armada Acquisition Corp II, targeting at least $1 billion in new funding to build a large-scale XRP treasury. CEO Asheesh Birla leads the initiative, with Ripple’s Brad Garlinghouse, Stuart Alderoty and David Schwartz joining as strategic advisors. A second Ripple-backed XRP treasury project is also underway, aiming to further expand institutional adoption. This large-scale XRP accumulation has driven the token up 1.5% and supported a 10% weekly gain. The move signals growing institutional confidence in XRP and reignites speculation over potential U.S. spot XRP ETFs.
Bullish
The sizable XRP accumulation by Evernorth and their upcoming SPAC listing signal strong institutional backing for XRP. In the short term, large buy orders have already lifted the price by 1.5% and supported a 10% weekly gain, indicating positive market momentum. Over the long term, the planned $1 billion treasury, partnership with Ripple veterans and potential U.S. spot ETF approvals could increase liquidity and adoption. These factors are likely to boost trader confidence and drive further buying pressure. As a result, XRP’s price outlook appears bullish.