XRP Faces Critical Week with Evernorth Listing and Ledger Upgrades
Ripple’s XRP token is facing a crucial week, with key events potentially shaping its next move. On Tuesday, October 6, XRP traded near $1.50, setting the stage for several catalysts. Evernorth is set to begin trading on Nasdaq as XRPN on October 8, with over 473 million XRP in custody, making it the largest pure-play XRP treasury company. Additionally, two XRP Ledger upgrades, PermissionDelegationV1_1 and BatchV1_1, could activate around October 8 and 9 if validator support holds.
Crypto sentiment remains bullish at 62 out of 100, but whale balances and derivatives positions suggest traders are adopting a wait-and-see approach. Crypto analyst Ali Martinez notes that a four-hour close above $1.53 could signal a significant move, with $1.62 as the next target. However, XRP has yet to meet this condition, trading between $1.45 and $1.55 on the four-hour chart and capped near $1.61 on the daily chart.
Despite the upcoming events, large-holder balances and derivatives activity show little aggressive positioning. Binance XRP open interest stands at about $516.6 million, indicating a cautious market. The real test will be whether institutional access and improved XRPL infrastructure translate into direct demand for XRP. If the events fail to drive measurable token buying or sustained network use, the market may treat them as infrastructure upgrades rather than catalysts for price movement.