How could the XRP price react as Evernorth, a new Ripple-backed firm raising funds for an XRP treasury, eyes a Nasdaq listing?
Evernorth Holdings Inc., a newly formed company based in Nevada, has officially launched, intending to drive institutional adoption of XRP.
New Ripple-backed Firm Raising $1B for XRP Treasury
The company announced that it has entered into a merger deal with Armada Acquisition Corp II, a Nasdaq-listed special purpose acquisition company. After the deal closes, the combined firm will continue under the Evernorth name and trade on Nasdaq under the ticker symbol XRPN, once all listing conditions are met.
In its press statement, Evernorth said the merger seeks to raise over $1 billion in gross proceeds. Of this, $200 million will come from SBI Holdings, with additional funding from Ripple, Rippleworks, and other major entities in the crypto space such as Pantera Capital, Ripple co-founder Chris Larsen, GSR, and Kraken.
Interestingly, Evernorth plans to use most of the funds to buy XRP directly from the open market, building what it calls the world’s largest institutional XRP treasury. The rest of the capital will cover operating costs, working capital, and transaction-related expenses.
At the time of the announcement, XRP traded at $2.41, giving it a market cap of about $145 billion with roughly 59.97 billion tokens in circulation. The Evernorth plan could have a major impact on XRP’s value, similar to how Strategy’s Bitcoin strategy drove interest and investment across the industry.
Possible XRP Price if This Plan Materializes
However, it’s too early to tell whether XRP will see a similar effect. To assess what could happen, we asked Google Gemini for a hypothetical, bullish scenario if Evernorth’s effort succeeds.
Notably, Gemini estimated that Evernorth could invest between $800 million and $1 billion into open-market XRP purchases. This could result in buying about 332 million to 415 million XRP at current prices.
While this amount represents less than 1% of the total supply, Gemini noted that the real effect would come from market psychology and momentum, not only the numbers.
Importantly, Gemini explained that a public and sustained buying program by a Nasdaq-listed company could create massive buying pressure and trigger excitement across the market.
Traders and other institutions might rush to buy XRP before Evernorth completes its purchases, creating a chain reaction that drives prices higher. Gemini compared this potential reaction to Bitcoin’s rally during Strategy’s buying spree, when corporate accumulation led to widespread investor enthusiasm.
In Gemini’s ultra-bullish outlook, if everything goes right, the fundraising, the Nasdaq debut, and the institutional adoption, XRP could break past its previous record high. Gemini predicted a possible price range between $10 and $15 per XRP, which would value the asset between $600 billion and $900 billion.
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