A treasury company holding about 473 million XRP was originally set to list on Nasdaq this week. It has temporarily pushed the closing to October 9 and the listing to October 12, citing administrative delays.
Before the news broke, the shell company first lost half its value over two days, then rebounded by more than 30%. The underlying asset barely moved over the same period.
So the market is arguing about the stock, not the coin. The XRP had already been allocated before the listing, so the listing itself won’t create new spot buying. For sustained buying to emerge, the company would need to increase its holdings after listing to maintain the amount of XRP per share.
Meanwhile, spot XRP ETFs recorded net inflows of about $3.14 million this week, while most altcoin ETFs saw net redemptions over the same period. Some also claim XRP ETFs have had net inflows for 12 consecutive weeks—but that claim currently has only one source and remains unverified.
The drop itself looks more macro-driven: long-term U.S. Treasury yields surged to their highest levels in more than two decades, and crypto liquidations totaled about $550 million. High-beta assets were sold first.
The price of the first trade on October 12 will tell us more directly than any interpretation.
Question: If XRPN opens at a premium, do you think that’s XRP being priced—or a thinly traded shell stock turning over among its own investors?
Before the news broke, the shell company first lost half its value over two days, then rebounded by more than 30%. The underlying asset barely moved over the same period.
So the market is arguing about the stock, not the coin. The XRP had already been allocated before the listing, so the listing itself won’t create new spot buying. For sustained buying to emerge, the company would need to increase its holdings after listing to maintain the amount of XRP per share.
Meanwhile, spot XRP ETFs recorded net inflows of about $3.14 million this week, while most altcoin ETFs saw net redemptions over the same period. Some also claim XRP ETFs have had net inflows for 12 consecutive weeks—but that claim currently has only one source and remains unverified.
The drop itself looks more macro-driven: long-term U.S. Treasury yields surged to their highest levels in more than two decades, and crypto liquidations totaled about $550 million. High-beta assets were sold first.
The price of the first trade on October 12 will tell us more directly than any interpretation.
Question: If XRPN opens at a premium, do you think that’s XRP being priced—or a thinly traded shell stock turning over among its own investors?