XRP has a major catalyst next week that many people haven’t noticed yet.
Ripple-backed XRP treasury company Evernorth has completed its SPAC merger and will list on Nasdaq next Monday, October 12, under the ticker XRPN. What does it hold? 473 million XRP, plus $300 million in cash. This gives U.S. stock investors another way to gain indirect exposure to XRP. How will it use that $300 million in cash—will it keep buying crypto or do something else? That’s what to watch next.
There’s activity on the on-chain front, too: the Batch feature has gone live on the XRP Ledger. A single operation can bundle 2 to 8 transactions, and delegated permissions are now available, allowing institutions to assign specific account permissions to different people while keeping the master private key offline. Both features are aimed at institutions. This is exactly the kind of thing Wall Street wants.
But the price hasn’t reacted yet. XRP is currently around $1.40, down 5.6% this week and still below the 50-day moving average at $1.43. Over the past month, it has ranged from a high of $1.64 to a low of $1.26.
My take: The long-short ratio for perpetual futures is 0.95, so shorts have a slight edge. Funding rates are also very low, and sentiment is subdued. This kind of cautious mood before the listing could actually be a good thing. If everyone had already piled in, that would be when to worry about people selling the news. Still, it’s worth staying cautious: if XRPN performs only moderately on listing day, we could see a sell-the-news move.
My plan: $1.43 is the key level. A move back above it would show that the market is starting to price in this event, and I’d follow the move. $1.26 is this month’s low; if XRP falls toward $1.30, I may scale in and buy the dip. Don’t chase it on listing day—let the dust settle first.
With event-driven moves, the people who make money are always the ones who got in early.
Ripple-backed XRP treasury company Evernorth has completed its SPAC merger and will list on Nasdaq next Monday, October 12, under the ticker XRPN. What does it hold? 473 million XRP, plus $300 million in cash. This gives U.S. stock investors another way to gain indirect exposure to XRP. How will it use that $300 million in cash—will it keep buying crypto or do something else? That’s what to watch next.
There’s activity on the on-chain front, too: the Batch feature has gone live on the XRP Ledger. A single operation can bundle 2 to 8 transactions, and delegated permissions are now available, allowing institutions to assign specific account permissions to different people while keeping the master private key offline. Both features are aimed at institutions. This is exactly the kind of thing Wall Street wants.
But the price hasn’t reacted yet. XRP is currently around $1.40, down 5.6% this week and still below the 50-day moving average at $1.43. Over the past month, it has ranged from a high of $1.64 to a low of $1.26.
My take: The long-short ratio for perpetual futures is 0.95, so shorts have a slight edge. Funding rates are also very low, and sentiment is subdued. This kind of cautious mood before the listing could actually be a good thing. If everyone had already piled in, that would be when to worry about people selling the news. Still, it’s worth staying cautious: if XRPN performs only moderately on listing day, we could see a sell-the-news move.
My plan: $1.43 is the key level. A move back above it would show that the market is starting to price in this event, and I’d follow the move. $1.26 is this month’s low; if XRP falls toward $1.30, I may scale in and buy the dip. Don’t chase it on listing day—let the dust settle first.
With event-driven moves, the people who make money are always the ones who got in early.