- Since mid-July 2025, the XRP price has been in a steady downtrend, forming a falling channel pattern.
- Evernorth Holdings Inc. has acquired 84.36 million XRP at an average price of $2.53, raising its total holdings to about 473.28 million tokens.
- During Tuesday’s market downturn, XRP faced long position liquidations totaling $36.25 million.
XRP, the native cryptocurrency of the XRP Ledger, plunged over 4.5% during Tuesday’s U.S. market hours to trade at $2.19. The sharp sell-off followed a broader market pullback as the Nasdaq Composite fell 2% and the Bitcoin price fell nearly 5%. While mounting selling pressure and bearish sentiment hint at a prolonged correction for the majority of major assets, institutional investors show strong confidence in XRP’s long-term growth, as reflected by recent accumulation from Evernorth.
Evernorth Expands XRP Holdings Ahead of Armada II Merger
Evernorth Holdings Inc., a newly incorporated Nevada-based institutional XRP-centric company, has increased its holdings of the cryptocurrency with a significant acquisition. The company stated that it has purchased 84.36 million XRP tokens at an average price of $2.53 each using part of the $214 million it raised in a previous private funding round.
This most recent acquisition brings Evernorth’s total XRP holding and committed purchases up to approximately 473.28 million tokens. The company has been consistently expanding its position since it announced a merger agreement with Armada Acquisition Corp. II, a Nasdaq-listed special purpose acquisition company trading under the symbol XPRN.
Evernorth’s latest acquisitions are part of its broader strategy to build a massive XRP reserve for institutional adoption and yield generation. The firm’s strategy revolves around the creation and management of a digital asset treasury that is able to earn a return through both decentralized finance mechanisms as well as traditional capital markets activities.
Following the merger with Armada II, Evernorth will be a publicly traded company that allows investors to gain regulated exposure to XRP. The entity will be different from a traditional exchange-traded fund in that, instead of simply following price action, it will attempt to grow its XRP holdings over time.
The merger arrangement has been approved unanimously by the Evernorth and Armada II Boards of Directors. Subject to standard regulatory reviews and shareholder approval, the deal is expected to close in the first quarter of 2026. If completed, the combined company will be an actively managed treasury vehicle that will provide market-like access for institutional investors to XRP-linked financial returns as a transparent vehicle, governed by shareholders and other stakeholders.
XRP Price Holds Major Support With Channel Pattern
Over the past week, the XRP price has witnessed a notable correction from $2.69 to its current trading value of $2.19, accounting for an 18.7% loss. Consequently, the assets market cap plunged to $131 billion.
With today’s decline, the coin price seeks support at the bottom trendline of a long-forming descending channel pattern on the daily chart. The chart setup is characterized by two parallel walking trend lines, which act as dynamic resistance and support to crypto traders.
A long-tailed rejection candle attached to today’s candle indicates that the price continues to witness demand pressure from the bottom trendline. The recent history of the pattern shows this trendline as an active accumulation zone for buyers to renew bullish momentum. If the support holds, the XRP price could rebound 21% to challenge the upper ceiling of this pattern.
On the contrary, a breakdown below the bottom trendline would intensify the selling pressure for a prolonged downtrend.
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