Evernorth Nasdaq Listing Nears as XRP Price Falls

Ripple-backed Evernorth has finalized its merger with Armada Acquisition Corp. II, marking a major milestone ahead of its planned Nasdaq debut. Despite the development, XRP price continues to struggle as broader cryptocurrency market weakness overshadows growing institutional interest.

According to a regulatory filing, Evernorth expects to begin trading on the Nasdaq under the ticker XRPN on October 12. The transaction involves Evernorth, Pathfinder Digital Assets, Ripple, Armada and two merger subsidiaries, with Pathfinder and the former Armada entity becoming wholly owned Evernorth subsidiaries.

Armada also completed its relocation from the Cayman Islands to Delaware on October 8, adopting the name Arrington Capital SPAC I Inc.

The merger is associated with approximately 473 million XRP and $300 million in cash proceeds, strengthening Evernorth's ability to expand its XRP-focused digital asset treasury strategy.

Major investors backing the company include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR. Evernorth CEO Asheesh Birla said the company intends to support XRP Ledger development through capital deployment, improved liquidity and infrastructure initiatives targeting institutional investors.

However, the Evernorth Nasdaq listing has yet to generate meaningful bullish momentum for XRP.

XRP has declined approximately 9% to 10% over the past week, trading near $1.40 to $1.41 on October 10. The cryptocurrency remains under selling pressure as investors react to unfavorable macroeconomic conditions.

Rising oil prices, elevated U.S. Treasury yields and a stronger dollar have weakened demand for risk-sensitive assets. Bitcoin's recent downturn has also contributed to losses across the altcoin market.

Meanwhile, XRP derivatives data indicates declining speculative activity. Futures open interest reportedly dropped 4.6% in token terms and 8.6% in dollar value, suggesting traders are reducing exposure amid heightened volatility.

Leveraged long liquidations may further accelerate downward price movements.

From a technical perspective, XRP remains above a key moving average near $1.28, potentially providing support against additional losses. Its daily relative strength index has also moved closer to neutral territory following September's correction.

Although Evernorth's merger strengthens XRP's institutional investment narrative, the token's near-term outlook remains uncertain.

A sustained XRP price recovery will likely depend on stronger buying demand, improved cryptocurrency market sentiment and the ability to maintain critical support levels.