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XRP trading volume showed a bullish rebound following recent treasury accumulation hype surrounding the Ripple-backed coin. Notably, Evernorth, a newly formed company, is focused on cryptocurrency investment plans to enable XRP adoption on an institutional scale.
XRP investors resume activity
According to CoinMarketCap data, XRP trading volume increased more than 25% over the past 24 hours to $4.8 billion.
This rally suggests increased market activity, meaning that investors are interested in accumulating XRP despite ongoing price volatility. As of press time, the XRP price is valued at $2.4, with the market cap standing at $146.9 billion.
One major contributor to the rising XRP market activity is a recent announcement from Ripple-backed firm Evernorth.
In an X post, Evernorth expressed excitement about an alignment with Arrington Capital. This post is tied to a major announcement from Oct. 20, when Evernorth revealed plans to go public on the Nasdaq through a SPAC merger with Armada Acquisition Corp.
Evernorth is designed as an institutional treasury firm, with plans to give investors exposure to XRP. Following its launch, Evernorth is expected to raise over $1 billion in gross proceeds. This is in addition to $200 million from SBI Holdings and additional investments from Ripple and other industry stakeholders.
Upon final approval, the merged company will trade on the Nasdaq under the ticker XRPN, with the deal closing in Q1, 2026. Funds will mainly buy XRP on the open market to build a massive treasury, with some funds for operations.
Implications for XRP price
This move by Evernorth has implications for XRP. First, it positions the coin as a serious player in corporate treasuries, similar to how companies hold Bitcoin (BTC).
As a result, the Ripple-backed coin could potentially see more demand and utility. As XRP sees more adoption, the price is expected to rally higher.
Importantly, Evernorth is not the only firm expanding institutional XRP adoption. For instance, VivoPower, a popular XRP treasury company, recently issued new shares to raise $19 million.
The company plans to use these funds to buy additional XRP coins in the future.
In a similar move, Ripple announced it has acquired treasury management leader GTreasury. The blockchain payment firm seeks to raise $1 billion via a special acquisition company to establish an XRP treasury.
Meanwhile, Ripple CTO David Schwartz has confirmed he has only an advisory role in Evernorth, following speculations about his involvement.
