**Evernorth Holdings Moves $280 Million in XRP Amid Market Decline as XRP Price Slips Below $2.20 and Prepares for Nasdaq Listing**
Evernorth Holdings has recently moved over $280 million worth of XRP, drawing significant attention within the cryptocurrency community. The massive transfer involved more than 126 million XRP and has sparked speculation about the reasons behind the move. This development comes as XRP’s price faces downward pressure, slipping below the $2.20 mark. The crypto market is watching closely as Evernorth prepares for major business developments.
### Evernorth Holdings Moves $280 Million in XRP
On November 7, Whale Alert reported a massive transfer of 126,791,448 XRP, valued at approximately $280.2 million. This transfer occurred between two wallets owned by Evernorth Holdings, a Ripple-backed treasury company. On-chain analysis confirmed that both wallets belong to Evernorth, with the new wallet having been created on November 5.
The exact reason for this large transaction remains unclear. Some speculate it could be an internal transfer or part of a strategic move. The newly created wallet now holds 126 million XRP, while the original wallet still retains over 261 million XRP. This transfer is the latest move by Evernorth, which recently boosted its holdings with an additional 84 million XRP.
### XRP Price Faces Pressure Amid Market Conditions
Despite the large XRP transfer, the cryptocurrency’s price continues to struggle. XRP recently fell more than 4%, dropping below the $2.20 support level. This price fluctuation follows Ripple’s efforts to maintain the $2.50 mark, which was seen as crucial for market sentiment.
Currently, XRP is trading around $2.22, with a low of $2.19 and a high of $2.33 in the past 24 hours. Along with the price drop, trading volume has decreased by 12%. This decline in volume, combined with the drop below the 50-week moving average, signals weak momentum in the market.
### Evernorth Holdings Prepares for Nasdaq Listing
Evernorth Holdings is also in the process of merging with Armada Acquisition Corp II, a move that will bring it to Nasdaq. As part of the merger, Ripple will contribute 126 million XRP to Evernorth in exchange for shares in the new company. This will make Evernorth the largest XRP treasury once the merger is complete.
The merger has also resulted in a change in Evernorth’s ticker symbol to XRPN, marking a significant shift. Many view this move as a step toward greater institutional legitimacy for both Evernorth and XRP.
However, the market remains cautious as XRP’s price continues to face volatility. Investors are closely monitoring Evernorth’s progress and the potential impact of these developments on XRP’s value.
https://bitcoinethereumnews.com/tech/xrp-news-evernorth-holdings-moves-280-million-in-xrp-as-market-stirs/
