TLDR
- Ripple co-founder Chris Larsen transferred 50 million XRP ($120M) to Evernorth Holdings.
- Evernorth is preparing a SPAC merger and aims to list on Nasdaq (XRPN) by 2026 with a $1B XRP treasury.
XRP is at a pivotal moment. The cryptocurrency market is closely watching the upcoming XRP ETF decisions, with key deadlines for the U.S. Securities and Exchange Commission (SEC) scheduled for late October and early November. Expectation is high, especially with a decision on Grayscale’s filing expected by October 29.
This regulatory milestone arrives as XRP enjoys significant legal clarity after being classified as a “non-security” in recent court rulings. Analysts suggest a wave of approvals could replicate the success seen with the Bitcoin and Ethereum ETFs, which have already attracted over $150 billion in capital inflows.
For XRP, the approval of an exchange-traded fund would act as a structural demand catalyst. This new institutional interest could be key to offsetting the short-term impact of the new token supply coming from scheduled escrow deposits.
50M XRP Transfer and Evernorth’s Strategy
In parallel with the regulatory anticipation, Ripple co-founder Chris Larsen has generated movement in the market with a transfer of 50 million XRP, valued at approximately $120 million, to Evernorth Holdings.
This firm, backed by Ripple executives, is preparing a merger via a SPAC (Special Purpose Acquisition Company). Evernorth’s goal is ambitious: to build the largest public XRP treasury, exceeding $1 billion in assets. The company plans to list on the Nasdaq under the ticker XRPN by early 2026.
Evernorth is positioning itself as a strategic bridge between the XRP ecosystem, traditional capital markets, and emerging decentralized finance (DeFi) products.
The Larsen transaction divided opinions in the XRP community. Skeptics pointed to it as another cash-out, recalling the $764 million in XRP sales Larsen has made since 2018. However, supporters highlighted the move as an effort to bolster long-term market infrastructure.
The price reaction was modest: XRP experienced a brief dip from $2.54 to $2.36 after the transfer but quickly recovered to its current levels. While the community debates the internal movements, the main focus remains on the upcoming XRP ETF decisions, which will define the next chapter for the digital asset.
