Bullish sentiment surrounding XRP is strengthening as institutional accumulation accelerates and on-chain data points to deepening investment by major players. Blockchain analytics firm Cryptoquant shared on Oct. 27 that Evernorth Holdings, a Ripple-backed investment company supported by leading crypto investors, has become one of the largest institutional holders of XRP.

The firm is targeting over $1 billion in XRP reserves, underscoring its commitment to digital asset treasury expansion. Cryptoquant’s analyst detailed:

Evernorth Holdings now holds 388,710,606.03 XRP, reaching 95% of its target. Evernorth Holdings, backed by Ripple and major crypto investors, now holds 388.7M XRP (≈$993.6M), ranking among the top XRP institutions.

“Evernorth is now nearing the $1.0B funding milestone,” the analyst further shared. “Currently, the firm has invested $947,183,571 into its treasury, realizing unrealized profits of roughly $46 million in just four days. Their average purchase price sits around $2.44, which could mark a key level for Ripple’s future price action.”

Evernorth Holdings announced on Oct. 20 its plan to go public via a merger with Armada Acquisition Corp II, forming the largest institutional XRP treasury company. Expected to trade on Nasdaq as “XRPN,” the deal will raise over $1 billion from investors. Proceeds will fund XRP purchases and DeFi-driven yield strategies. Unlike passive ETFs, Evernorth aims to grow XRP per share through active treasury management.

Ripple’s leadership expressed support for Evernorth, describing it as an institutional platform aimed at expanding XRP adoption. CEO Brad Garlinghouse, co-founder Chris Larsen, and Evernorth CEO Asheesh Birla called it a “first-of-its-kind institutional vehicle.” Garlinghouse noted Ripple’s partnership and investment alongside SBI Holdings, Pantera Capital, Kraken, GSR, and Rippleworks to support Evernorth’s involvement in institutional lending, liquidity provisioning, and DeFi yield strategies for XRP. Ripple CTO David Schwartz said Evernorth was established as a regulated, scalable vehicle to pursue XRP-related opportunities in DeFi and capital markets. The statements reflect Ripple’s intent to position XRP as a compliant asset for institutional use.

• Why is Evernorth Holdings’ XRP accumulation significant for investors?
  Its rapid move toward $1 billion in XRP holdings shows strong institutional conviction in XRP’s future role in digital finance.
• What is the average purchase price of Evernorth’s XRP stash?
  Evernorth’s average purchase price is around $2.44, a potential future support level for XRP.
• How much unrealized profit has Evernorth made from XRP?
  Evernorth has made about $46 million in unrealized profits in just four days, reflecting sharp upward movement in value.
• What role does Ripple play in supporting Evernorth?
  Ripple is a key backer of Evernorth, aiming to drive XRP utility across institutional lending, liquidity, and DeFi opportunities.

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