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<\/p>\n
Evernorth Holdings began trading publicly on October 12 after merging with Armada Acquisition Corp. II.<\/p>\n
Its XRPN stock peaked above $19 before settling just under $17 on Nasdaq, giving investors a preview of how the market values a publicly traded company built around XRP as enthusiasm for crypto treasury stock has waned.<\/p>\n
Data from Yahoo Finance shows XRPN opened at $16.68, then went up to $19.39 before falling to an intraday low of $16.39. It later finished regular trading at $16.91, up 1.38%, with volume reaching approximately 1.29 million shares. After-hours activity then lifted the stock to $17.49.<\/p>\n
Analyst Scott Melker described<\/a> the debut as the first major treasury-company test since the sector’s speculative boom faded.<\/p>\n “We really haven’t had a major treasury company launch to the public market in quite a long time,” Melker wrote. “We all know that the treasury bubble popped and massively cooled.”<\/p>\n<\/blockquote>\n The company completed its business combination on October 9, clearing the way for Monday’s Nasdaq debut. As CryptoPotato<\/em> reported earlier on October 10, Evernorth entered<\/a> the public market with approximately 473 million XRP and around $300 million in gross cash proceeds. The transaction and associated private placements had raised more than $1 billion, with backing from Ripple, SBI Group, Kraken, Pantera Capital and other investors.<\/p>\n The stock’s debut<\/a> came as its underlying asset remained under pressure. CoinGecko priced XRP around $1.37, down nearly 9% across seven days. The token was also 46% lower than a year earlier and was trading 62% below its $3.65 all-time high.<\/p>\n Daily XRP trading volume reached around $2.17 billion, up 107% from the previous day. However, a CryptoQuant analysis found<\/a> that centralized-exchange spot volume had fallen by $1.94 billion between August 26 and October 11, while futures trading accounted for a growing share of activity.<\/p>\n That backdrop complicates the case for XRPN. Investors are buying shares in a company whose assets and planned strategies are tied to an unsettled crypto market, rather than purchasing XRP directly. As Melker put it, the debut may show whether a more cautious second wave of treasury companies can find buyers after the first wave cooled.<\/p>\n “So now we’ll get to see how a wrapper of XRP in a specific merged company trading on public markets will perform versus XRP itself,” Melker had posted.<\/p>\n<\/blockquote>\n And the wrapper won the first session, closing 1.38% higher while XRP lost 3.5% in the same period.<\/p>\n The post XRP Hits Wall Street: Here\u2019s How Evernorth\u2019s XRPN Performed on Debut<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\n\n
XRP Weakness Adds Another Variable<\/h2>\n
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