Despite the high-profile public listing of Evernorth, which is supported by Ripple and is known as the largest listed XRP reserve company, its performance still falls short of that of the overall crypto market.

CoinGlass data shows that in the past 24 hours, XRP has fallen by 3%. Currently, the price of XRP is $1.37, with a market value of approximately 86.4 billion US dollars.

This decline occurred against the backdrop of a weakening overall crypto market. The total market value of the entire crypto market fell by 2.8%.

However, compared to other top-tier encrypted assets, the decline of XRP is particularly significant. Bitcoin (BTC) has only fallen by 1%, while Ethereum (ETH) has fallen by 0.5%.

Evernorth Listed

Evernorth Holdings has been listed on the NASDAQ stock exchange. After completing the business merger with Armada Acquisition Corp and II on October 9th, the company began trading on NASDAQ under the stock code XRPN on October 12th.

This means that, Evernorth, now as a listed company, holds approximately 473 million XRP, which is worth about 648 million US dollars at the current price of XRP.

Evernorth also announced that its total cash revenue amounted to approximately $300 million (excluding transaction costs).

According to the company's announcement, after the transaction is completed, Evernorth will become the largest listed company in the pure XRP reserve sector.

Important investors such as Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken, and GSR are all supporting Evernorth.

However, the company's first trading day did not prove to be a success. It opened at around $19.38, but then turned downward. The closing price was $16.91, which means it fell by 1.05% from the previous trading day.

Why doesn't XRP respond?

Reports indicate that in many events related to Ripple, including major collaborations, acquisitions, and regulatory news, XRP typically does not respond immediately.

However, the listing process for Evernorth is different.

Unlike some other corporate events involving Ripple, the business of Evernorth is directly related to XRP. The main goal of Evernorth is to hold and manage XRP. As it expands, its growth may lead to an increased demand for XRP.

Therefore, the listing of Evernorth did not bring additional buying pressure. The majority of XRP in the reserves of Evernorth comes mainly from the XRP injected by investors earlier on, as well as past purchases.

This means that when Evernorth was listed on October 12th, there was no sudden increase of 473 million XRP coins bought into the market.

The author of this article is Alex Dovbnya, and the source is U.Today.