Evernorth, the Ripple-backed company building an XRP-focused digital asset treasury, has completed its merger with Armada Acquisition Corp. II, according to a regulatory filing.
The company expects to begin trading on Nasdaq under the ticker XRPN on Monday, Oct. 12.
The transaction brings together Evernorth, Pathfinder Digital Assets, Ripple, Armada and two merger subsidiaries. Under the deal structure, Pathfinder and the former Armada entity became wholly owned subsidiaries of Evernorth.
Armada also completed its move from the Cayman Islands to Delaware on Oct. 8, adopting the name Arrington Capital SPAC I Inc.
The transaction is associated with approximately 473 million XRP and $300 million in cash proceeds, providing Evernorth with resources to pursue its digital asset treasury strategy.
The company's backers include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. Armada was sponsored by Arrington XRP Capital Fund, LP.
Evernorth founder and CEO Asheesh Birla said the company aims to contribute to the XRP Ledger ecosystem by deploying capital, supporting liquidity and working with developers building infrastructure for institutional participants.
The merger represents a step toward bringing XRP-focused treasury exposure to public-market investors. However, the completion of the deal does not necessarily translate into immediate demand for XRP itself, and the token's price continues to respond to broader market conditions.
Why Is XRP price down?
XRP has remained under pressure despite Evernorth's corporate milestone, with the latest decline occurring alongside weakness across the broader cryptocurrency market.
XRP's weekly losses are at roughly 9% to 10%. On Oct. 10, the token was trading around $1.40 to $1.41 in reported market updates, although prices vary by exchange and can change throughout the day.
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 to the pressure on altcoins, leaving XRP exposed to broader risk-off sentiment.
Derivatives positioning has also shifted. Reported data showed XRP futures open interest declining by 4.6% in token terms and 8.6% in dollar terms. A contraction in open interest suggests that traders are closing positions, while forced liquidations of leveraged long positions can intensify selling during a downturn.
The technical picture offers some potential support. XRP remains above a moving average near $1.28, while its daily relative strength index has retreated toward neutral territory after September's correction. The cooling momentum may reduce immediate overbought conditions, but it does not rule out further losses.
For traders, the ability to hold above nearby support will be important in determining whether XRP stabilizes or extends its decline. A sustained recovery would likely require renewed buying interest and improved conditions across the wider crypto market.
Evernorth's merger and upcoming Nasdaq listing add a new development to XRP's institutional story, but they have not insulated the token from market-wide selling. For now, broader risk sentiment, derivatives activity and technical support remain central to XRP's short-term price direction.
Arman Shirinyan
Dan Burgin
