Ripple-backed Evernorth Sits on ~$220M Unrealized XRP Loss
Evernorth, a treasury vehicle backed by Ripple executives, has accumulated about 389 million XRP at a reported cost basis of roughly $947 million. At the current XRP price near $1.86, the position is valued at about $724 million, implying an unrealized loss of approximately $220 million. XRP has fallen roughly 16% over the past 30 days, a decline that coincides with broader market weakness in Bitcoin and a wider crypto correction. This pullback has occurred despite ongoing inflows into U.S.-listed XRP ETFs, which have taken in over $100 million since launch. For traders, the report highlights notable whale risk and mark-to-market exposure from a large treasury holding that could increase downside pressure on XRP if Evernorth reduces holdings to realize losses, or conversely provide liquidity support if it refrains from selling. Key metrics: Evernorth ~389M XRP; cost basis ~$947M; current value ~$724M; unrealized drawdown ~$220M; 30-day XRP decline ~16%; current price cited ~$1.86. Primary keywords: XRP, Evernorth, Ripple, unrealized loss, XRP ETFs. Secondary keywords: crypto treasury, market correction, Bitcoin weakness, large-holder risk, selling pressure.
Bearish
A large, concentrated treasury position sitting on an estimated $220M unrealized loss increases the probability of selling pressure on XRP. Traders often react negatively to sizeable mark-to-market losses because the holder may liquidate part of the position to manage risk or meet obligations, especially during a multi-week price decline (XRP down ~16% over 30 days). Even with ETF inflows providing some demand, the magnitude of Evernorth’s stake (≈389M XRP) and its drawdown creates overhang: in the short term, the risk of realized selling or heavy liquidation is higher, which is bearish for XRP price action. Over the medium to long term, impact depends on Evernorth’s intentions (hold vs. sell) and continued ETF demand. If Evernorth holds and ETF flows remain strong, the selling pressure could be absorbed, moderating downside; if Evernorth sells into weakness, the price could weaken further. Overall, immediate implications are negative for XRP price given the size of the position and recent market weakness.