Ripple Moves 126.8 Million XRP as x402 Payments Cross 13 Million on the Ledger

Ripple moved 126,791,458 XRP in the completed Evernorth merger; Nasdaq listing under XRPN is scheduled for October 12, a filing says.

Ripple has transferred 126,791,458 XRP as part of the completed merger between Evernorth Holdings and Armada Acquisition Corp. II, a transaction confirmed on Friday. The contribution is a concrete token transfer rather than a market purchase, setting it apart from a wave of recent institutional service agreements that do not automatically translate into XRP buying.

Evernorth expects its shares to begin trading on the Nasdaq under the ticker XRPN on October 12, according to a regulatory filing. The merger itself is closed; the listing remains a scheduled next step. That distinction matters because the two events sit at different stages of completion. On Tuesday, Evernorth had flagged an administrative delay to the combination — an interim hurdle now superseded by Friday's notice. Ripple's XRP contribution belongs to the finalized deal, not to a merely announced partnership.

A Transfer Is Not an Open-Market Purchase

The token contribution should not be conflated with buying on the open market. It documents the movement of XRP within the transaction framework. It does not follow that Ripple or Evernorth had to acquire the same amount additionally through exchanges.

Separately, US spot XRP ETFs continued to attract capital. Media reports put Thursday's net inflows at $8.17 million, bringing the first four trading days of the week to a combined $11.31 million. These fund flows stand apart from Ripple's Evernorth contribution: the ETF figures track money moving through investment products, while the Evernorth filing records a specific token transfer. Both involve XRP, but they cannot be bundled into a single purchase signal.

Institutional infrastructure also advanced. Paxos added XRP to its offering for institutional trade intermediation and custody, according to media reports. Further agreements reported Thursday with Meritz Securities and Canton Network cover Ripple Custody and tokenization. A separate collaboration announced Tuesday with Brevan Howard will see funds managed by the firm use Ripple Prime's services for trade intermediation, settlement and financing across multiple asset classes — an announcement that contained neither XRP purchases nor an XRP allocation.

What counts when reading these developments is the nature of the engagement: Evernorth represents a completed XRP contribution, the ETFs represent reported net inflows, and new custody and brokerage offerings initially widen access rather than proving additional token purchases.

Ledger Activity Hits a Milestone

On the network side, RippleX engineering chief J. Ayo Akinyele reported Saturday that more than 13 million x402 payments have now been processed on the XRP Ledger, alongside 166 registered merchants. The first million such payments had been reached on July 8. The figure documents a rising count of these transactions — not automatically comparable growth in the value transferred.

That gap is what investors need to watch. A payment counter describes activity on the network. On its own, it says nothing about how much capital is moving across it, nor how strongly that activity feeds demand for XRP. The accompanying tracker showed cumulative settlements of roughly 6,982 XRP and 12,010 RLUSD, meaning usage is spread across different assets. A high transaction count therefore cannot be read directly as buying pressure on XRP.

Network Utility Versus Price Impact

A link between network usage and token function does exist: XRP fees are burned, and accounts require XRP reserves. But no reliable statement about the scale of a possible price effect follows from that. What would matter is the magnitude these mechanisms reach as usage grows.

Technical settlement forms another part of the utility case. Per developer documentation, a transaction on the XRP Ledger typically takes 3–5 seconds. That describes a property of the network, not a return expectation for the token. Ripple CEO Brad Garlinghouse, speaking at XRP Las Vegas in May, emphasized speed, low costs and scalability — an upbeat assessment that fits the long-term usage outlook but does not substitute for measuring the economic demand generated by additional applications.

Akinyele said 100 million payments could be reached sooner than expected, without giving a date. That remains a forecast and should not be mistaken for a milestone already achieved.

For investors, the takeaway is this: the reported activity strengthens the case that the XRP Ledger is genuinely being used. Assessing the token, however, requires looking at payment counts, settled amounts and XRP demand as separate variables. The milestone proves network usage — it does not prove a price rally to go with it.