Evernorth's Nasdaq Debut Brings Little Change to XRP Price
A Ripple-backed company, Evernorth, is about to debut on Nasdaq under the ticker XRPN on October 8, 2026. The company will have nearly half a billion XRP tokens on its balance sheet, valued at around $720 million at the current price of $1.52. Evernorth's funding comes from a mix of cash and XRP, with the majority of its $1 billion backing already being XRP tokens.
The company's CEO, Asheesh Birla, is a former senior executive at Ripple, and Evernorth plans to use its XRP actively through lending, liquidity support, and other XRP-related activities. However, this strategy may carry risks, including credit and price risks, and lent XRP can end up with traders holding short positions who profit when prices drop.
The listing itself is unlikely to significantly affect XRP's price, as Evernorth already possesses its XRP and its $300 million cash does not guarantee new purchases. However, if Evernorth reveals plans to spend part of its cash buying XRP on the open market, the token could see a substantial new buyer enter the fray.