Evernorth Brings 473 Million XRP to Nasdaq as Ripple Redraws Its Settlement Map

Evernorth finalizes its merger October 7, bringing roughly 473 million XRP to a Nasdaq listing as spot XRP ETFs log a twelfth straight week of inflows.

A Nasdaq listing that carries roughly 473 million XRP onto a regulated exchange is set to close this week, with Evernorth finalizing its merger on October 7 and shares slated to begin trading October 8 under the ticker XRPN. The combination, together with associated private placements, is expected to generate gross proceeds of about $300 million before costs. For market watchers, parking a token stash of that size inside a listed corporate structure marks a meaningful step in the asset's institutional maturation.

Flows through regulated vehicles have been running in the same direction. US spot XRP ETFs notched a twelfth straight week of net inflows, with Bitwise and Franklin Templeton among the leading contributors. In the trading week through October 2, those funds pulled in $4.74 million, a slower pace than the prior week, with the bulk landing in Franklin Templeton's XRPZ fund. Exchange reserves, meanwhile, have been thinning: Binance held 2.63 billion XRP as of October 4, while Upbit's reserves stood at 6.41 billion XRP, with the two venues shedding a combined 104.7 million tokens. Analysts caution that falling balances alone don't prove how holders intend to behave, which is why attention is shifting to the network's next moves.

Chart Watchers See a Ceiling, Not Just a Floor

XRP changed hands near $1.51 on Tuesday, up 6.5% from its 50-day average of $1.42, though the token posted a modest 0.7% decline on the day. Veteran trader Peter Brandt flagged a possible cup-and-handle formation on the daily chart with a projected target of $2.16 — but paired that with a warning about heavy overhead supply. Confirmation of the pattern, he noted, would require a sustained break above $1.6572.

Ripple Ties Client Settlement Directly to Its Own Chain

On the corporate side, Ripple president Monica Long used the XRP Seoul conference to outline plans to migrate the payment volume of the company's institutional clients onto the XRP Ledger in 2027, alongside an expansion of a pilot routing transactions through the network's built-in decentralized exchange. Long also floated linking the payments business to a credit infrastructure on the ledger, though media reports describe that lending model as a conceptual proposal rather than a shipped product. Credit pilots are underway, with activation targeted for 2027; payment loans would be collateralized through the XRP Ledger, potentially locking tokens in lending pools for extended periods.

The push to bridge traditional finance and the ledger gained a concrete anchor in late September, when Brazilian financial infrastructure provider CSD BR and Ripple announced a partnership. Under the arrangement, the XRP Ledger serves as a supplementary recording and verification layer for assets, starting with investment fund shares from Banco BTG Pactual, while CSD BR's systems retain responsibility for official registration and custody.

Governance on the network is moving in parallel. Clearpool token holders voted 97.16% in favor of expanding to the XRP Ledger, with migration slated for the fourth quarter of 2026. Loans in that model will settle in the RLUSD stablecoin, leaving XRP used primarily to burn network fees.

Four Software Votes Crowd the Calendar

Validators face a busy stretch of protocol decisions. Activation of the BatchV1_1 amendment and its companion fix, fixBatchV1_2, is expected October 9, provided validator support holds steady; the change would let multiple transactions be bundled and processed together. A security-related update, xrpld version 3.4.1, has already been released by the development team. Separately, voting continues on PermissionDelegationV1_1, which would allow accounts to delegate limited permissions without handing over private keys — after a delay in the validator cycle, its activation is now set for October 8.