XRP Set for Nasdaq Listing as Crypto Market Faces Challenges
XRP is set to make its debut on Nasdaq, marking a significant milestone for the cryptocurrency ecosystem. Caroline Pham, CEO of MoonPay Institutional and former acting CFTC Chair, visited Ripple’s office, sparking speculation about a potential payment and real-world asset (RWA) tokenization partnership. Meanwhile, Evernorth Holdings, an XRP treasury firm, will list on Nasdaq under the ticker XRPN on October 8, following shareholder approval of its merger with Armada Acquisition Corp. II. This move positions XRP as the first public company to hold hundreds of millions of tokens directly on its balance sheet.
Despite this positive development, the broader crypto market faced challenges. Bitcoin dropped to $85,600, triggering an $89.9 million net outflow day across U.S. spot BTC ETFs. Traders are now focusing on the upcoming Federal Reserve interest rate decision on October 28 and the U.S. midterm elections on November 3. Macroeconomic pressures, including a high yield on 10-year U.S. Treasuries at 5.3%, contributed to institutional pessimism, with Bitcoin's net annual capital inflow falling to -$40 billion in 2026.
On the technical side, XRP is consolidating near $1.50, testing the lower edge of local resistance. Ripple President Monica Long highlighted rapid growth in RWA tokenization on the XRP Ledger, with on-chain volumes increasing from $100 million to $2.5 billion. The Permission Delegation and Batch upgrades for batched transaction execution are expected to go live on the XRPL by October 9. Additionally, Grayscale Investments is restructuring the Grayscale XRP Trust (GXRP), adding Anchorage Digital Bank as an additional custodian and launching in-kind share creation and redemption.
The dollar's strength and macroeconomic uncertainties are keeping the crypto market from rising. The total capitalization of the crypto market remains within the $2.93, $3.02 trillion range. Meanwhile, the global tokenized asset sector has surpassed $38.80 billion in distributed value, with U.S. Treasuries dominating the category at $14.87 billion. The Solana Foundation, with technical support from JPMorgan, has deployed Solana DvP infrastructure, providing instant settlement for financial institutions.