Evernorth, the Ripple-backed company building an XRP-focused digital asset treasury, has completed its merger with Armada Acquisition Corp. II and expects to begin trading on Nasdaq under the ticker XRPN on Monday, October 12. The transaction involves approximately 473 million XRP and $300 million in cash proceeds, with backing from major investors including Arrington Capital, SBI Group, Pantera Capital and Kraken. Despite this corporate milestone, XRP has declined roughly 9 to 10 percent weekly, trading around $1.40 to $1.41 on October 10. Several macroeconomic factors have weighed on digital assets, including higher oil prices, elevated U.S. Treasury yields and a stronger dollar. Bitcoin’s weakness has added pressure on altcoins, while XRP futures open interest declined 4.6 percent in token terms and 8.6 percent in dollar terms, signaling trader disengagement.
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