Nasdaq Listing May Boost XRP Price Towards $2
XRP's price may be influenced by Evernos' listing on Nasdaq, which could lead to reduced circulating supply and increased demand. The XRP treasury company holds 473 million XRP on its balance sheet, making it the largest amount of XRP held by a publicly listed company worldwide.
Evernos plans to deploy these holdings into XRP Ledger DeFi protocols and arbitrage, with the goal of increasing the net XRP held per XRPN share. Analysts suggest that this structure could shrink circulating supply in the spot market, potentially leading to an increase in price towards $2.
The listing also raises questions about seasonality and chart action. Historically, the fourth quarter is a strong period for XRP, with average returns of 80.2% in November and 63.1% in December. However, there are also variables to consider, such as potential volatility from a buy-the-rumour sell-the-news pattern or increased correlation with U.S. equities.
The listing is seen as a way for Wall Street to access XRP, reducing legal risk when U.S. money seeks access to the asset.