XRP price dips to $2.38 as Evernorth moves $343M in XRP amid ETF launch buzz and declining futures market interest.
Evernorth Holdings, the largest XRP treasury, has been linked to massive transfers of XRP coins worth over $343 million.
Moeove, the transfers come amid major developments in the Ripple ecosystem, including the upcoming launch of the first XRP ETF. These large movements of XRP have sparked speculation in the crypto community, with XRP’s price dropping to $2.38 as a result.
Evernorth Holdings Makes Massive XRP Transfers
On November 12, Whale Alert reported that Evernorth Holdings transferred 143,701,579 XRP, valued at over $343 million, between two wallets.
The transfer was one of several significant movements involving Evernorth’s XRP holdings. This transaction follows another recent movement of 200 million XRP, worth $501 million, by Ripple.
— Whale Alert (@whale_alert) November 12, 2025
The XRP transferred on November 12 was sent from Evernorth’s primary wallet (Evernorth 1) to a BitGo wallet labeled “rKhjV4.”
In turn, part of these coins were moved to another wallet, “rGJBNG.” The total movement from Evernorth’s wallet now exceeds 202 million XRP. These large-scale transfers suggest a reshuffling of assets within the Ripple ecosystem.
There has been speculation regarding the reasons behind the frequent transfers, but no official explanation has been provided. These moves have contributed to ongoing discussions in the community about Evernorth’s plans for XRP holdings.
Some analysts believe the transfers may be linked to preparations for institutional investments or the ETF launch.
XRP Price Drops Amid ETF Launch News
Despite positive news surrounding Ripple and the impending launch of the Canary XRP ETF, XRP’s price has seen a decline.
In the past 24 hours, XRP has fallen by 3%, with the price currently sitting at $2.38. This price drop follows a period of positive sentiment surrounding Ripple’s developments and the upcoming ETF.
The Canary XRP ETF, which is set to begin trading under the ticker symbol “XRPC” on Thursday, is seen as a major milestone for XRP. It has already gained approval from the US SEC and Nasdaq for listing.
Despite this, market conditions seem to have dampened investor enthusiasm, as evidenced by the drop in price and reduced trading volume.
The recent price dip reflects a broader trend of declining interest in XRP. Over the past 24 hours, trading volume decreased by 40%, signaling a shift in market sentiment. Additionally, a death-cross formation on the daily chart has caused concern among traders, indicating potential further price declines.
Declining Interest in XRP Futures Market
XRP’s performance in the futures market shows signs of mixed sentiment as the broader crypto market remains cautious.
Data from CoinGlass reveals a slight decline in XRP’s futures open interest (OI) on major exchanges. Over the past 24 hours, XRP’s OI on Binance decreased by about 1.30%, reflecting lower participation among traders.
Despite the overall decrease in open interest, there is still a notable interest in long positions.
The ratio of long to short positions on Binance stands at 3.34, signaling a bullish bias among top traders. This suggests that, while some traders are less active, many still expect positive price movements for XRP in the near term.
However, futures market participation remains cautious, with a decrease in XRP’s open interest over the last 24 hours. XRP’s open interest on exchanges like OKX also fell by approximately 4%, highlighting the subdued sentiment.
Traders seem to be waiting for clearer signals before committing to larger positions.
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