XRP’s $1.41 Purgatory: A Senate Clock Ticks as Ripple Fights Hackers and a Nasdaq Listing Nears

XRP price stagnates at $1.41 as whales accumulate $570M, Evernorth plans Nasdaq listing, and Ripple shares North Korean hacker intel with crypto industry.

For a token that has barely budged in 70 days, XRP is surrounded by an extraordinary amount of activity. Whales have quietly scooped up $570 million worth of coins, a company holding a $656 million XRP treasury is preparing to list on the Nasdaq, and Ripple is sharing intelligence on North Korean hackers with the entire crypto industry. The price, hovering at $1.41, tells only a fraction of the story.

The Accumulation Beneath the Surface

On Binance, 91% of all XRP outflows in May have come from mid-sized and large wallets—the highest concentration since 2024. Over the past 11 days, these addresses have accumulated roughly $570 million worth of XRP. Market observers interpret this as institutional or high-net-worth players quietly building positions while the token trades in a narrow band between $1.38 and $1.44.

Technically, XRP is forming a symmetrical triangle, with resistance at $1.44 to $1.45. That zone is dense with supply: approximately 36.8 billion tokens were previously purchased there. Above that, the 100-day exponential moving average sits at $1.51, followed by the 200-day EMA at $1.74. The 24-hour trading volume recently exceeded $1.5 billion, with buyers defending the $1.38 support level.

On May 1, one billion XRP was released from escrow across four transactions. Historically, 70% to 80% of those tokens flow back into new trust contracts, keeping supply stable.

Evernorth’s Nasdaq Ambition

While the token consolidates, Evernorth is moving toward a public listing. The company holds more than 473 million XRP, making it the largest known private XRP treasury holder. It plans to list on the Nasdaq through a merger with SPAC Armada Acquisition Corp II.

On May 5, Evernorth appointed three new board members: Stuart Alderoty, Ripple’s chief legal officer; Robert Kaiden, CFO of the OpenAI Foundation; and Derar Islim, a former Genesis executive. The company has already raised over $1 billion from investors including Ripple and SBI Holdings. Its business model involves deploying XRP for lending and DeFi strategies to generate institutional returns.

Ripple’s Intelligence-Sharing Initiative

Separately, Ripple has begun sharing internal threat data on North Korean state-sponsored attacks with the broader crypto industry through the Crypto ISAC, an industry-wide information network. The datasets include wallet addresses, LinkedIn profiles, email addresses, and location data of suspicious actors.

The move follows the so-called “Drift incident”—an attack that revealed how far North Korean groups’ methods have evolved. Attackers went through regular hiring processes, built trust over months, and gained access to multi-signature wallets. No smart contract vulnerability, no code flaw—traditional warning systems failed entirely. Ripple’s data aims to close that gap.

RLUSD Gains Institutional Traction

Ripple’s stablecoin, RLUSD, is also expanding its footprint. Since May 4, it has been available on OKX across more than 280 trading pairs, including RLUSD/XRP. More significantly, OKX now accepts RLUSD as margin collateral for derivative markets.

RLUSD operates under the supervision of the New York Department of Financial Services, placing it in the same institutional league as USDT or USDC. With a market supply of approximately $1.5 billion, the stablecoin is positioning itself as a liquidity bridge for the XRP Ledger.

The Regulatory Clock

On the political front, Ripple CEO Brad Garlinghouse warned at the Consensus conference in Miami on May 5 that time is running out. The “Digital Asset Market Clarity Act,” which would clarify the jurisdictional lines between the SEC and CFTC, needs a hearing in the Senate Banking Committee by May 21. Otherwise, its chances of passing before the November midterm elections drop significantly.

A compromise on stablecoin regulations reached in early May is seen as a potential pathfinder. XRP has been officially classified as a digital commodity in the US since March 2026. The upcoming week’s parliamentary discussions on the CLARITY Act could prove more consequential for the ecosystem than any on-chain metric.

Network Growth as a Foundation

The XRP Ledger’s fundamentals continue to strengthen. On May 4, the network hit a record high of just over 8.26 million addresses. The value of tokenized assets on the ledger jumped 59% in the past month to over $3 billion, with 291 real-world asset projects active.

US spot ETFs for XRP recently saw daily outflows of approximately $3.87 million, while the cumulative net assets of all XRP spot ETFs stand at roughly $1.38 billion. Open interest in perpetual futures is around $2.6 billion—far below the record of nearly $11 billion from summer 2025.

Whether XRP breaks out of its consolidation depends largely on two factors: whether the Senate Banking Committee acts by May 21, and whether the resistance zone around $1.45 is breached. Until then, the token remains in a waiting game, surrounded by movement on every front but its own price chart.