Evernorth Vote Clears Final Hurdle for XRP Treasury Listing

XRP's price took an unexpected hit after the Evernorth shareholder vote passed on September 30, despite being a major milestone for the asset. The vote clears the final hurdle for Evernorth's planned Nasdaq listing under the ticker XRPN. A publicly traded XRP treasury on Nasdaq gives investors direct equity exposure through regulated public markets.

Evernorth intends to merge with Armada Acquisition Corp. II, backed by prominent institutional names including Ripple, Arrington Capital, SBI Group, and Kraken, among others. The company has over $1 billion in committed capital. However, XRP's price fell almost 1% to $1.48, a pattern that has become all too familiar for the asset.

As noted by XRP advocate Bill Morgan, this trend of declining on good news is not new. In August, Jeonbuk Bank became the first regional bank in South Korea to deploy Ripple Payments for cross-border remittances, yet XRP's price fell below $1. This has left many long-time holders frustrated with the asset's inability to move upward despite positive institutional developments.