Ripple-Backed Evernorth Holdings Transfers $280 Million in XRP Amid Price Drop

Ripple-backed XRP treasury Evernorth Holdings has sparked major buzz in the crypto world after moving over $280 million worth of XRP between internal wallets. According to Whale Alert, the transfer of 126,791,448 XRP, valued at approximately $280.2 million, occurred on November 7, triggering speculation within the XRP community amid the token’s price slide toward the $2.20 support level.

On-chain data from CoinGape confirms that both wallets belong to Evernorth Holdings. The receiving wallet, created by BitGo on November 5, now holds 126.79 million XRP, while the primary wallet retains over 261.9 million XRP. Despite the large movement, analysts suggest this was an internal transfer, not a liquidation. Recently, Evernorth acquired an additional 84.36 million XRP, bringing its total holdings to 473.27 million XRP, worth more than $1 billion.

Evernorth is also preparing for a Nasdaq listing through its merger with Armada Acquisition Corp II, which recently announced a ticker change to XRPN. As part of the merger, Ripple will contribute 126.79 million XRP tokens in exchange for XRPN Class A common stock on a one-for-one basis, solidifying Evernorth’s position as one of the largest XRP treasuries.

Despite these bullish developments, XRP’s price failed to sustain momentum above the $2.50 psychological level, falling over 4% to around $2.22. The token’s 24-hour range sits between $2.19 and $2.33, with trading volume down 12%. Additionally, XRP futures open interest declined nearly 5% to $3.34 billion, reflecting mixed sentiment as traders brace for upcoming crypto options expiry. The move comes shortly after Ripple’s $40 billion valuation and partnership with Mastercard, underscoring ongoing volatility in the market despite strong institutional progress.