Evernorth completes SPAC merger and prepares Nasdaq debut, while XRP slides around $1.40
Evernorth, the Ripple‑backed company, closed its business combination with Armada Acquisition Corp. II and will begin trading on Nasdaq under the ticker XRPN on October 12. The transaction includes roughly 473 million XRP and about $300 million in cash, which the firm plans to use to fund XRP‑ledger projects. Despite the milestone, XRP has fallen roughly 9%‑10% over the last week and is trading near $1.40. The price decline is attributed to broader crypto market weakness and macro‑economic headwinds.
Why it matters
The Nasdaq listing could increase institutional visibility for XRP, but the immediate effect on the token’s price is uncertain as the market remains pressured. Investors should watch the opening trade on October 12 for any shift in demand that might affect XRP’s near‑term trajectory.
Key facts
- 1Evernorth expects to start Nasdaq trading under ticker XRPN on October 12. econotimes.com
- 2The merger involves approximately 473 million XRP and $300 million in cash proceeds. econotimes.com
- 3XRP has declined about 9%‑10% over the past week and is trading near $1.40 to $1.41 as of October 10. econotimes.com
- 4Evernorth’s business combination with Armada Acquisition Corp. II closed on October 9 after a brief delay. cryptonews.com
- 5XRP is trading at $1.41, down more than 6% for the week, ahead of the Nasdaq debut. cryptonews.com
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.