XRP ETFs Shed $3.28M as Evernorth Nears Nasdaq Listing and Ledger Upgrades Loom

US spot XRP ETFs saw $3.28M in net outflows Friday, all in Bitwise's fund, after September's $121.40M inflows. XRP holds above its 50-day average.

Institutional appetite for XRP cooled abruptly on Friday, with US spot ETFs tracking the token logging $3.28 million in net outflows — a pullback that, according to media reports, was concentrated entirely in Bitwise's fund. The reversal lands hard on the heels of a banner September, when those same vehicles had attracted $121.40 million in net inflows.

The shift in sentiment traces back to a high-profile industry gathering in Seoul that wrapped up without the bank partnerships many had anticipated. Panelists tackled cross-border payments and tokenized deposits at length, yet no concrete commitments emerged — neither pilot programs nor decisions on operational deployment. Among those on stage were representatives of Woori Bank, Kbank and JB Bank, joined by Sabrina Tachdjian, president of the XRP Asia regional initiative, and Ripple executive Tatsuya Kohrogi. Hopes that a major South Korean lender might formally adopt the ledger went unfulfilled.

Price Holds Above Key Average Despite Seoul Letdown

XRP has nonetheless steadied. The token changed hands at $1.50, up 0.9% on the day, keeping it above its 50-day moving average of $1.40. Even so, it sits 51% below its 52-week high of $3.07 — a gap that underscores how much ground remains to be recovered.

The Seoul event had been preceded by speculation that Ripple would deliver a special announcement, fueling a rally across crypto markets in the days leading up to it. When no such reveal materialized, traders turned cautious. The ETF flow data told the same story: after several sessions of gains — including a $22.6 million haul on September 25 alone — Friday's withdrawals marked a clear break in momentum.

Two Protocol Changes Set for October Activation

Attention now turns to the XRP Ledger itself, where two technical amendments are queued for activation in the coming trading week, provided validator support holds steady. First up, on October 8, is Permission Delegation, which will let accounts assign specific tasks without handing over private signing keys. A day later, on October 9, the Batch extension follows, designed to bundle up to eight transactions for simultaneous settlement.

Separately, validators are targeting October 9, 2026 for activating the XLS-56 extension on the mainnet — a change that likewise enables batches of up to eight transactions to clear at once, contingent on stable validator approval.

Brazil Pilot Adds Institutional Layer

Beyond the protocol roadmap, the ecosystem is pushing ahead on operational fronts. In Brazil, market infrastructure provider CSD BR and Ripple launched the first phase of a collaboration in late September, using the XRP Ledger to mirror records of investment fund shares issued by BTG Pactual. CSD BR continues to serve as the official registrar, with the blockchain providing a supplementary verification and documentation layer.

Evernorth Clears SEC Hurdle Ahead of XRPN Debut

Closer to US shores, Evernorth Holdings has moved a step closer to the public market. Its registration statement with the Securities and Exchange Commission has taken effect, clearing the way for a merger with Armada Acquisition Corp. II — a deal shareholders approved last Wednesday.

The parties aim to close the combination on October 7, with trading on the Nasdaq under the ticker XRPN slated to begin October 8. The transaction, together with accompanying placements, raised more than $1 billion, adding another bridge between the crypto sector and regulated US exchanges.