XRP appreciated on September 30 following the shareholder approval of Evernorth's proposed merger with Armada Acquisition Corp. II. The development removes a significant hurdle for the Ripple-backed XRP treasury company as it pursues a debut on the Nasdaq exchange.
The merger vote attracted attention from the XRP community due to Evernorth's plans to establish a public XRP treasury trading under the ticker symbol XRPN on Nasdaq. The announcement coincided with an intraday selloff and a choppy trading session for the token.
Ripple's XRP rose by approximately 1.89% to $1.51 after dipping below $1.47 ahead of the vote. Following the initial dip, the price moved between $1.48 and $1.50 before brief rallies pushed the token toward $1.54 and back down around $1.50, where it subsequently found support and recovered toward $1.51 as buyers re-entered the market.
XRPL collaborator Bear Champ reported the outcome of the vote on X, stating that they listened in on the Armada and Evernorth merger vote and confirmed it passed. The approval marks a key step for Evernorth's strategy to create a large corporate XRP treasury within a publicly traded structure.
The proposed transaction involves the sale of over 473 million XRP. Upon fulfillment of the remaining closing conditions, the merged entity is set to trade on the Nasdaq under the ticker "XRPN." Market participants are now awaiting official confirmation of the vote and the subsequent steps required to finalize the merger.
