October 12 marks a significant milestone for XRP as Evernorth officially begins trading on Nasdaq. The company completed its business combination with Armada Acquisition Corp. II on Friday, clearing the way for XRPN to trade under the ticker symbol on the exchange.
Evernorth enters public markets with approximately 473 million XRP tokens and roughly $300 million in gross cash proceeds. The merger and associated private placements previously raised more than $1 billion, with investments from Ripple, SBI Group, Kraken, Pantera Capital, and other backers.
Unlike a passive holder, Evernorth describes itself as an actively managed XRP treasury. The company plans to deploy capital across institutional yield strategies, infrastructure, on-chain credit, and other XRP ecosystem activities.
It is important to note that XRP itself is not being listed on Nasdaq. Rather, XRPN provides traditional investors access to a publicly traded company whose treasury and strategy center on the cross-border token. XRP exchange-traded funds tracking the token's performance already exist in the market.
XRP is currently trading near $1.40 following a correction from its all-time high of $3.60 reached in July. Analysts are monitoring key technical levels, particularly the $1.50 mark. If XRP reclaims this level, it could signal a potential restart of the mid-August rally to higher local peaks.
