October 12 is shaping up as a pivotal day for Ripple's cross-border token. Evernorth, a newly public digital asset treasury company, is beginning to trade on Nasdaq while holding roughly 473 million XRP tokens in reserve. Meanwhile, analysts are watching whether XRP can stabilize around $1.40 and reclaim the next key level at $1.50 before aiming for higher targets.

473 Million XRP Arrives on Wall Street

CryptoPotato reported over the weekend that Evernorth officially completed its business combination with Armada Acquisition Corp. II on Friday, clearing the way for its shares, listed under the ticker XRPN, to begin trading on Nasdaq on October 12. A business combination is the mechanism by which a special purpose acquisition company merges with a private firm to bring it public — a listing route that has become a familiar on-ramp for digital asset treasury ventures entering mainstream equity markets. The company's merger and its associated private placements previously raised more than $1 billion, drawing investments from Ripple, SBI Group, Kraken, Pantera Capital, and other backers.

Evernorth enters the public markets holding approximately 473 million XRP alongside roughly $300 million in gross cash proceeds. The firm does not intend to be a silent holder of the token, however. It has described itself as an actively managed XRP treasury rather than a vehicle that simply holds the asset, and it plans to deploy capital across areas such as institutional yield strategies, infrastructure, on-chain credit, and other XRP ecosystem activities — a stated scope that gives observers concrete lines of execution to track as the company begins life as a public issuer.

AllInCrypto described the debut as a “huge day” for Evernorth and especially for XRP, highlighting that institutional adoption of the token is accelerating as the “largest publicly traded $XRP treasury is arriving on Wall Street.”

It is worth noting that XRP itself is not being listed on Nasdaq. Exchange-traded funds tracking the token's performance already exist and have been performing well. Instead, XRPN gives traditional investors access to a publicly traded company whose treasury and broader strategy are centered on the cross-border token — a model that has spread across the industry as more listed companies anchor their balance sheets to digital assets.

What About Price Recovery?

Xaif Crypto noted that XRP is holding near $1.40 after a steep macro correction from its all-time high of $3.60, reached last July. According to the analyst, long-term accumulation and distribution metrics are showing a significant shift, but the immediate level to observe sits at $1.50. Levels of this kind draw attention because, in chart analysis, a reclaimed resistance zone is often read as confirmation that momentum has genuinely shifted. If the token manages to reclaim that mark with renewed momentum behind it, it could restart the mid-August rally and push toward new local peaks.

Lana Valentis offered an even more bullish technical outlook, arguing that XRP is attempting to rebound after breaking out of a descending channel on the daily chart. In her view, the recent retest showed that buyers are indeed present, and she identified the next major targets should the bounce be confirmed: $1.70, $2.20, $2.70, and eventually the 2025 all-time high of $3.65. Her projections sit well above the token's current trading range, though they remain contingent on the rebound holding. Both outlooks hinge on the same near-term test — whether the $1.40 area holds and the $1.50 mark is reclaimed — and they arrive just as Evernorth's Nasdaq debut adds a new publicly traded waypoint for XRP-focused capital.