XRP remains stable as Evernorth prepares for Nasdaq listing
April 10, 2026
Ripple’s XRP is trading within a narrow range at $1.34, with light volume, amidst news of Evernorth’s Nasdaq listing plans. Despite positive developments from Ripple, XRP has remained steady between $1.31 and $1.38. Trading volume decreased by 5% to $2.39 billion over the past 24 hours, but the overall cryptocurrency market is on an upward trend, with digital asset values increasing by 1.27% to $2.45 trillion.
Evernorth, a company focused on XRP, is gearing up to go public on Nasdaq through a Special Purpose Acquisition Company (SPAC) merger. They intend to list their stock as XRPN and establish themselves as a significant on-chain XRP treasury entity. This move is part of their strategy to position themselves as the largest public XRP treasury by merging with SPAC Armada Acquisition Corp II and listing on Nasdaq as “XRPN.” This approach involves setting up a digital asset treasury that actively manages and utilizes XRP on the blockchain while adhering to standard disclosure and governance practices.
Reports indicate that Evernorth, with backing from Ripple, has raised more than $1 billion in gross proceeds. They are in the process of appointing notable board members such as Stuart Alderoty, Ripple’s Chief Legal Officer, and Ted Janus from J Capital. XRPN is not a new cryptocurrency but a planned stock offering in the US that allows investors to gain exposure to a company structured around an XRP treasury strategy.
Former Ripple executive, Sagar Shah, suggests that XRP digital asset treasuries, like Evernorth, offer a more strategic approach compared to spot XRP Exchange-Traded Funds (ETFs). These treasuries actively deploy XRP on-chain, search for yield, and contribute to ecosystem activities instead of simply holding coins within a wrapper. While spot XRP ETFs have already accumulated over $1.21 billion in net inflows, they mainly mirror the price of XRP and charge a fee. In contrast, a treasury vehicle can take on strategies, risks, and potentially generate returns beyond price exposure, albeit with additional company and execution risks on top of XRP’s volatility.
If listed, XRPN could potentially operate more like an actively managed, XRP-focused operating company, potentially yielding outcomes that differ from merely holding XRP or investing in an XRP ETF. While a large public treasury vehicle can foster institutional interest and on-chain utilization of XRP, it does not alter XRP’s supply or protocol fundamentals.
