Evernorth's planned Nasdaq listing is drawing public-market attention to its treasury of approximately 473 million XRP and reported gross cash proceeds of about $300 million. The development arrives as the daily chart of XRP shows resistance at $1.49, a descending resistance line, and a relative strength index (RSI) reading below 50 — signs of persistent overhead pressure on the cryptocurrency.

According to the technical setup, a sustained break above resistance could improve the chart structure, while losing the $1.3881 level may expose the next support area near $1.30. XRP thus faces a technical test just as Evernorth prepares to go public on the Nasdaq, with institutional exposure and chart momentum emerging as key factors for market participants.

Evernorth Listing Brings XRP Treasury Into Focus

Coin Bureau reported that Ripple-backed Evernorth completed its SPAC merger and raised approximately $300 million. The company holds around 473 million XRP, according to the announcement, and its shares are expected to begin trading on Nasdaq under the ticker XRPN on October 12.

SPAC mergers are an established alternative to a traditional initial public offering, and digital asset treasury companies have increasingly used this route to reach public markets while holding tokens on their balance sheets. For readers new to the structure, a SPAC merger allows a company to list through a combination with an already-public shell rather than underwriting a conventional IPO.

The planned listing offers investors exposure through a publicly traded company rather than direct token ownership. Shareholders would own an interest in Evernorth itself, not XRP held in personal wallets. As a result, the share price may reflect corporate performance alongside movements in the cryptocurrency market.

Evernorth's treasury makes the company directly sensitive to changes in XRP's market value: rising prices would increase the value of its holdings, while declines would reduce it. Cash proceeds from the transaction provide additional resources, though transaction costs may reduce the cash ultimately available.

The company has detailed plans spanning infrastructure, decentralized finance, and institutional strategies, with the effort focused on aligning its treasury with overall activity in the XRP ecosystem. Its eventual contribution will depend on execution, demand, and market conditions.

XRP Price Shows Weakening Technical Momentum

The daily chart records a sharp August rally from approximately $1.00 toward $1.50. XRP advanced again in late September, approaching $1.60 before sellers regained control, and the subsequent pullback has left the market struggling to regain upward momentum.

The latest displayed price is $1.4082, following a modest daily recovery. The middle Bollinger Band sits near $1.4911 and the lower Bollinger Band near $1.3881, levels used to mark the near-term resistance and support areas. Recent lower highs form a descending blue trend line that further confirms overhead resistance.

Recovering the $1.49 area would improve the structure, but buyers would also need to test the trendline to support a breakout scenario. The setup is illustrated in the daily chart analysis on TradingView.

RSI currently reads 45.24, below its average level of 50 — an indication that bulls are losing momentum, though the reading remains above typical oversold levels. A bearish divergence around mid-September also predates the recent sell-off.

Key XRP Levels Define the Next Move

Immediate support lies near the lower Bollinger Band at $1.3881. A decisive breakdown could expose the $1.30 area to another test, while holding above this zone would instead give buyers room to establish a base. A single bounce is not enough to signal the end of selling; stronger daily closes and recovering momentum would provide better evidence of improving demand and a more convincing reversal.

On the upside, $1.4911 marks the first important hurdle. Reclaiming this level could bring the descending resistance line back into focus, and a successful breakout may open a challenge toward the upper Bollinger Band near $1.5942.

Evernorth's planned debut may attract further attention to XRP-related public-market exposure. However, the listing does not determine the token's immediate direction, and XRP and XRPN can respond differently to liquidity, sentiment, and company-specific developments. With the expected October 12 debut approaching, the first trading sessions of XRPN and XRP's behavior around $1.3881 and $1.49 stand out as clear reference points for market watchers.

For now, the chart shows a market testing support beneath clear overhead resistance. A sustained move above $1.49 would improve the technical outlook, while losing $1.3881 would weaken it. Until either level breaks decisively, XRP's next direction remains uncertain.