XRP: Network Progress Not Yet Reflecting in Price Increase

Evernorth has postponed the expected start of its listing on Nasdaq under the symbol XRPN to October 12 due to an administrative delay. This timeline coincides with two significant upgrades to the XRP Ledger, but their activation does not guarantee an increase in XRP, which is trading around $1.46.

In Brief

• Evernorth has postponed the expected start of its listing on Nasdaq under the symbol XRPN to October 12.
• The company is expected to hold approximately 473 million XRP after its merger with Armada.
• Two significant upgrades to the XRP Ledger are anticipated around October 8 and 9.
• XRPN will provide indirect exposure to XRP, without equating to a direct purchase of the token.
• The impact on the XRP price will largely depend on future purchases by Evernorth and the actual adoption of the new features.

XRP and Evernorth: Key Dates to Watch

Shareholders of Armada Acquisition Corp. II approved their merger with Evernorth on September 30. The operation was initially set to be finalized on October 7, with trading under the symbol XRPN expected to begin the following day. However, Evernorth announced a slight delay. The company now plans to close the transaction on October 9 and begin its listing on October 12. These deadlines remain subject to customary conditions and final Nasdaq approval.

Several events are thus concentrated over a short period:

• The merger between Evernorth and Armada is expected to be finalized around October 9;
• XRPN shares are expected to start trading on Nasdaq on October 12;
• Evernorth is expected to hold approximately 473 million XRP at the time of the operation;
• The company is set to receive nearly $300 million in gross liquidity;
• Two amendments to the XRP Ledger could be activated on October 8 and 9.

Evernorth attributes this change in schedule to "an administrative delay that should not affect the closing." According to the company, this does not call into question the operation. However, the delay reduces the timing effect highlighted by investors who were expecting several simultaneous catalysts.

Evernorth Will Provide Indirect Exposure

Evernorth aims to become the largest publicly traded company focused exclusively on a treasury in XRP. Unlike a company that merely holds its cryptos, it plans to deploy part of its assets into yield strategies, infrastructure, and activities related to the ecosystem.

Its founder, Asheesh Birla, states that he wants to build "an actively managed XRP treasury, with the transparency and governance required by public markets." Ripple, SBI Group, Pantera Capital, Kraken, GSR, and Arrington Capital are among the announced investors.

However, purchasing an XRPN share will not correspond to a direct acquisition of XRP. Investors will be exposed to a company holding the token, but also to its fees, governance, allocation choices, and fluctuations in its market valuation.

The listing will not necessarily trigger new purchases equivalent to the expected 473 million XRP. A significant portion of this reserve comes from contributions already made in kind. The future effect on demand will mainly depend on the use of the 300 million dollars raised and Evernorth's treasury decisions.

Two Expected Upgrades on the XRP Ledger

The XRP Ledger is simultaneously preparing for the conditional activation of << PermissionDelegationV1_1 and BatchV1_1 >>. These amendments must maintain the required support from validators throughout their approval period.

PermissionDelegationV1_1 will allow an account to grant specific permissions to another address without transferring full control of its keys. A business could, for example, authorize an operator to make certain payments or perform predefined operations.

This function can facilitate the separation of responsibilities and access control. However, the official documentation recommends not temporarily delegating the PaymentBurn authorization until a complementary fix is activated. Other granular permissions are not affected by this warning.

BatchV1_1 will allow grouping of up to eight transactions. Depending on the chosen mode, they can be executed in full or canceled together if one of them fails. This mechanism can simplify atomic exchanges, settlements against delivery, and certain operations on tokenized assets.

XRP Still Needs to Overcome Its Resistance

XRP is trading near 1.46 dollars after a drop of over 2% in 24 hours. The 1.55 dollar zone represents the main short-term resistance, while the 1.45 dollar level serves as the first benchmark in case of a pullback.

A successful listing by Evernorth would broaden stock market access to the XRP ecosystem. The new features of the ledger could also enhance its institutional use. However, none of these events guarantee immediate demand for the token.

The market will mainly monitor Evernorth's subsequent purchases, the trading volume on XRPN, and the actual use of the network's new features. Without measurable flows or concrete adoption, these announcements could have a limited effect on the price.