XRP Traders Eye $1.47 as Evernorth Listing and ETF Demand Build Pressure

XRP traders are closely watching the $1.47 price level as demand from institutional investors and spot ETF inflows continues to support the token's price. Over the past 24 hours, XRP has gained 1.1% to trade near $1.42.

The upcoming listing of Evernorth Holdings on Nasdaq under the ticker XRPN is a key catalyst for the XRP price. The US Securities and Exchange Commission recently declared the Form S-4 registration statement tied to its proposed merger with Armada Acquisition Corp. II, allowing the transaction to move towards a shareholder vote scheduled for September 30.

Evernorth Holdings is backed by Ripple, SBI Group, Pantera Capital, Kraken, GSR, and Arrington Capital, and plans to operate as an actively managed XRP treasury. This could provide additional institutional exposure to the token.