Evernorth’s XRP Holdings Sustain $95M Unrealized Loss After 24% Drop
Evernorth, the Ripple- and SBI-backed digital-asset treasury, purchased 389 million XRP tokens for $947 million in late October after merging with Armada Acquisition Corp II. Since its entry under three weeks ago, XRP slid from highs near $3.60 to an intraday low of $2.16 – a 40% plunge – then dropped 24% more, erasing over $90 million in value and leaving Evernorth with an unrealized loss of approximately $95 million. The firm plans to hold 473 million XRP for institutional investors. Similar treasury funds, including MicroStrategy and Metaplanet, also face steep losses amid the broader crypto market correction. Traders should monitor XRP price volatility, key support levels around $2, and regulatory updates to manage risk and position for potential rebounds.
Bearish
The significant unrealized loss and steep XRP price declines highlight increased selling pressure and risk aversion among major holders. Short-term volatility is likely to intensify as traders react to key support tests and market sentiment remains weak. While long-term recovery could depend on regulatory clarity and demand catalysts, current conditions favor a bearish outlook for XRP.