BREAKING: Evernorth Shifts 126M XRP in Strategic Move as Nasdaq XRPN Listing Looms

XRP whales are stirring—again. Just hours before Nasdaq's anticipated XRPN listing, Evernorth executes a jaw-dropping 126 million XRP transfer. Market watchers brace for impact.

The big question: Is this a bullish bet or a pre-listing cash grab? Institutional players aren’t known for charity—especially when a 9-figure crypto stash starts moving.

Nasdaq’s crypto pivot gets real. Traders now face the ultimate irony: Wall Street’s ‘regulated’ playground might just amplify XRP’s notorious volatility. Buckle up.

The crypto market has been shaky this week, and XRP has been right in the spotlight. A large transaction involving more than $280 million worth of XRP has drawn attention and raised questions about what might be coming next. While investors remain hopeful after recent positive Ripple developments, the latest wallet activity from Evernorth Holdings adds uncertainty to the market.

Massive XRP Movement Sparks Speculation

Blockchain tracking platform Whale Alert detected a transfer of 126,791,448 XRP, worth more than $280 million. At first, the transfer appeared to be a whale relocation between unknown wallets. However, deeper analysis revealed that both wallets belong to Evernorth Holdings, a Ripple-backed XRP treasury entity.

The receiving wallet was newly created on November 5 using BitGo custody services. This signals that Evernorth may be reorganizing or preparing funds for a strategic purpose. The primary wallet still holds more than 261 million XRP, while the new wallet now holds over 126 million XRP. Since Evernorth added more than 84 million XRP earlier this week, the company now controls around 473 million XRP, worth over $1 billion.

Crypto analyst XR Trader commented that the transfer should not be seen as a bullish or bearish signal by itself. He explained that large transfers like this are often routine and may be related to custody changes or internal treasury organization rather than market manipulation or selling activity. According to him, the impact of transfers is seen later, through changes in actual liquidity, not through headline transactions.

Evernorth’s Nasdaq Plans

The transfer comes just as Evernorth moves closer to its major business milestone. Evernorth is merging with Armada Acquisition Corp II to become a publicly traded company on Nasdaq, where the new stock ticker will be XRPN. Ripple will send 126,791,458 XRP to the company and receive XRPN shares in return on a one-for-one basis. After the merger, Evernorth will position itself as the largest XRP treasury firm in the world.

This merger follows a strong week for Ripple, where CEO Brad Garlinghouse announced that Ripple raised $500 million at a $40 billion valuation, with investment participation from leading financial firms, along with a new partnership with Mastercard.

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XRP Price Weakens Despite Positive Headlines

Even with major progress from Ripple and Evernorth, XRP’s price dropped. The coin fell more than 4 percent, dipping below the $2.20 support zone, and briefly touching $2.19. Trading volume shrank by more than 12 percent, showing declining interest from short-term traders. Futures data from Coinglass also shows a reduction in Leveraged positions as open interest dropped nearly 5 percent, signaling fading confidence.

For now, the market is watching Evernorth closely. Internal treasury reshuffling is normal, but the size of this transfer and the upcoming Nasdaq listing bring anticipation. As long as the broader market stays weak, XRP may continue to feel pressure. A move back above $2.50 WOULD show signs of strength and renewed buyer momentum.

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FAQs

Analysts say the MOVE is neutral. Big transfers often reflect custody changes, and price impact shows up only if liquidity or selling later increases.

Evernorth holds about 473 million XRP, worth over $1 billion, making it one of the largest XRP treasury entities in the ecosystem.

Evernorth is merging with Armada Acquisition Corp II to list under the ticker XRPN, positioning itself as the leading XRP treasury company.

XRP slipped below support as market sentiment weakened, with lower trading volume and reduced futures interest showing fading short-term demand.