Ripple XRP Price: What Evernorth’s $1B Nasdaq Filing Means for the Token

TLDR

Evernorth Holdings filed an S-4 with the SEC to go public on Nasdaq under ticker XRPN via a SPAC merger The deal targets over $1 billion in gross proceeds, with Ripple contributing 126 million XRP tokens The SEC and CFTC jointly classified XRP as a digital commodity and non-security on the same day Evernorth already holds 473 million XRP tokens, making it the largest institutional XRP holder XRP is trading around $1.47, with key support at $1.43 and a potential upside target of $1.65

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Evernorth Holdings, a Ripple-backed digital asset treasury company, filed an S-4 registration statement with the U.S. Securities and Exchange Commission on March 18. The filing is the final major regulatory step before the company can complete its merger with SPAC Armada Acquisition Corp. II and list on the Nasdaq stock exchange.

JUST IN: XRP TREASURY EVERNORTH FILES WITH SEC FOR NASDAQ LISTING$XRP Treasury firm, Evernorth, filed a Form S-4 with the U.S. Securities and Exchange Commission, moving closer to going public.

The filing marks a major step toward its Nasdaq debut. The firm plans to list via… pic.twitter.com/3vQ79XpcCG

— BSCN (@BSCNews) March 19, 2026

The company plans to trade under the ticker XRPN once the merger closes. It still needs SEC approval of the filing and a vote from Armada II shareholders before the listing can move forward.

The deal is expected to raise over $1 billion in gross proceeds. Ripple Labs contributed more than 126 million XRP tokens at a signing price of $2.36609. Advance Funding Subscribers added $214.05 million in cash plus 600,000 XRP tokens.

Evernorth already holds 473.27 million XRP, acquired in two tranches between October 20 and November 4. That gives it a total treasury value of around $692 million. The average cost per XRP was $2.54, so the position is currently down about 19% from its cost basis.

XRP Gets Regulatory Clarity

The filing landed on the same day the SEC and CFTC jointly published token taxonomy guidance naming XRP a digital commodity and non-security. Ripple’s chief legal officer Stuart Alderoty called it clarity that “markets, investors, and innovators have long deserved.”

We always knew XRP wasn't a security – and now the @SECGov has made clear what it is: a digital commodity. Grateful to the Crypto Task Force for working to deliver the clarity that markets, investors, and innovators have long deserved. https://t.co/jJ7QTUiJbJ

— Stuart Alderoty (@s_alderoty) March 18, 2026

XRP was listed alongside Bitcoin, Ethereum, Dogecoin, Avalanche, and Aptos in the guidance. The SEC stated that only tokenized securities remain subject to securities law.

How Evernorth Plans to Grow Its Treasury

Unlike a passive ETF, Evernorth plans to actively grow XRP per share through institutional lending, liquidity provisioning, and DeFi participation. It also plans to operate XRP validators and use Ripple’s RLUSD stablecoin as a gateway into XRP-based DeFi.

The Nasdaq listing would open XRP exposure to pension funds, endowments, and asset managers who are restricted from holding digital assets directly.

Spot XRP ETFs have already pulled in $1.24 billion in cumulative inflows since launch, outpacing Solana ETFs. The XRP Ledger recently hit a record 7.7 million holders.

XRP Price

On the price side, XRP rose 4% over the past week, briefly touching $1.60 before pulling back. Exchange inflows dropped to 6.75 million, a level that has previously preceded sharp price moves.

XRP is trading at around $1.47. Bulls are watching the $1.43 support level closely. A hold there could set up a move toward $1.65, while a break below opens the door to $1.33.

The S-4 remains subject to SEC review and shareholder approval before the merger can close.

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