Ripple and its native token remain among the trendiest topics in the cryptocurrency space. In this article, we break down everything interesting related to them that has happened recently.
‘MicroStrategy Built for XRP’
Evernorth – a new venture backed by Ripple – recently revealed that it will seek listing on Nasdaq through a merger with blank check company Armada Acquisition Corp II. It is expected to raise over $1 billion in proceeds and will focus on accumulating XRP.
Speaking on the matter was the former Ripple executive, Asheesh Birla, who will spearhead Evernoth as CEO. He said the entity will look at “acquisition opportunities” and establish an investment team. Among the main backers of the multi-billion-dollar initiative are Japanese firm SBI and crypto exchange Kraken.
The news caused huge enthusiasm across the XRP Army. The X user Ripple Bull Winkle argued that Evernorth is basically “MicroStrategy built for XRP from the ground up.” He claimed that the company would purchase XRP tokens directly from exchanges, reducing the circulating supply and positively impacting the price.
“But it’s not just buying pressure. They’re also creating utility: liquidity pools, lending, and yield programs built around XRP as the base asset. More on-chain use = more transaction volume = more reason for institutions to hold XRP for settlement,” he added.
Larsen Offloads XRP
Contrary to Evernorth, whose ultimate goal is accumulating a substantial XRP stash, Chris Larsen dumped some of his holdings. CryptoQuant’s data shows that he sold 50 million tokens, worth over $120 million, on October 20.
While some X users expressed concerns that this move might cause panic and lead to a price downtrend, others reminded that Larsen is among the prominent backers of Evernorth, and the sale represents a donation to the newly established firm.
“Evernorth fills the missing link today in XRP capital markets and XRP usage in DeFi products. I’m proud to invest 50M XRP in the firm (you may see some wallet movement on this),” Larsen clarified on X.
XRP Price Outlook
Ripple’s cross-border token has been on a severe downtrend in the past two weeks, with its price plunging by almost 20% to the current $2.42, according to CoinGecko’s data.
Nonetheless, multiple analysts believe it has yet to reach new peaks during this cycle. One of the biggest bulls is the X user ChartNerd, who envisioned a potential price explosion to as high as $27.
Meanwhile, Santiment’s data shows that crowd sentiment toward XRP has dropped to its lowest point in nine months. This may sound like bad news for the asset’s investors and proponents, but the platform reminded that the crypto market is unique, and prices often move against overall expectations.