XRP Surges 3.32% on Evernorth Merger Vote Confirmation

XRP saw a significant price surge of 3.32% over the last 7 hours, driven by news that an XRP-focused treasury company, Evernorth, had cleared its merger vote and moved closer to a Nasdaq listing.

The combined company will list under the ticker XRPN on Nasdaq and is expected to hold at least 473 million XRP at closing, including contributions from Ripple and prior market purchases.

The news triggered an intraday rebound in XRP's price, which rose above $1.50 after dipping below $1.47. This was likely due to a combination of factors, including the confirmation of the merger vote, heavy derivatives positioning, and short liquidations.

The market structure around XRP was primed for sharp intraday moves, with futures traders having rebuilt significant exposure near current levels and a lot of short side liquidity sitting just overhead. The news hit at a time when XRP already had rising institutional and infrastructure narratives, including a 848% increase in the XRP Ledger's fee burn rate and net inflows of $121.4 million into U.S. spot XRP ETFs.