TL;DR
- Evernorth accumulated 388.7M XRP ($947.1M) but the move from $2.60 to $1.80 flipped a $71M paper gain into a $225M unrealized loss.
- Spot XRP ETFs still consistently logged daily net inflows since launch, lifting total net assets to about $1.25B, even as portfolio losses grew.
- Selling pressure stayed dominant: Capital Flow and Capital Flow Strength were negative at -42 and -14, with downside risk toward $1.50 unless $2 is reclaimed.
Evernorth’s XRP treasury bet is now a case study in timing. Between Oct. 22 and Dec. 24, the firm accumulated 388.7 million XRP worth about $947.1 million, becoming the largest traded company focused exclusively on stacking the token. But as XRP stayed below $2 for more than a week, the portfolio narrative flipped fast. The price move from $2.60 to $1.80 turned a $71 million paper gain into a $225 million unrealized loss, raising questions about conviction versus capitulation. Analyst Maartunn mapped the swing, and the market is watching for forced selling into year-end.
“Start a Ripple ($XRP) Treasury,” they said. “It’ll be fun,” they said.
Reality: Down bad — currently sitting at a -$220M unrealized loss 📉 pic.twitter.com/QzdqmFy9dH
— Maartunn (@JA_Maartun) December 24, 2025
Evernorth vs XRP ETF flows
While Evernorth sits on large paper losses, spot XRP ETFs have kept adding exposure. Since their launch more than a month ago, the products have posted net inflows every day, pushing total net assets above $1 billion to about $1.25 billion at press time. That creates a split screen: treasury-style buyers are underwater, yet institutional wrappers keep collecting capital. The inflow streak signals sustained institutional appetite despite the drawdown, reinforcing the idea that large allocators expect a trend reversal rather than a structural break. For desks, the mismatch complicates timing and budgeting decisions.
Price action is being driven by sellers. Metrics track intense distribution from retail and whale cohorts, leaving ETF demand insufficient to absorb supply. Capital Flow Strength showed outflows outpacing inflows, with both Capital Flow and Capital Flow Strength negative since late November. As of writing, the readings stood at -42 and -14, respectively, and the Accumulation/Distribution Money Flow indicator stayed negative overall as well. With more money leaving the market, XRP’s structure looks fragile, and participants are behaving as if downside risk management is the priority. Until it flips, rallies can be sold quickly.
That imbalance keeps the map straightforward. If selling persists, the analysis warns XRP could slide toward $1.50. A reversal requires buyers, especially institutions, to push price back above $2 and defend it as support, restoring confidence for long-horizon holders. Evernorth, positioned as a long-term accumulator, may choose to wait for a rebound, but the commentary flags that weaker hands can panic sell when losses mount. The next inflection is whether $2 becomes reclaimed support or a ceiling, and flows into ETFs will be watched for confirmation. For treasury managers, that line defines governance risk.
