XRP Price Tests $1.40 as Evernorth Opens $132M Warrant Route

XRP price approached $1.40 on October 21 as Ripple-backed Evernorth Holdings advanced its warrant registration. The U.S. Securities and Exchange Commission (SEC) declared the registration effective on October 19.

The filing covers nearly 11.5 million shares, potentially generating $132.25 million through warrant exercises. Meanwhile, Bitfinex traders increased their XRP long exposure during the cryptocurrency’s recovery.

However, the filing does not confirm new XRP purchases or establish that Evernorth received the funds

SEC Filing Opens Route for Evernorth Warrant Proceeds

Evernorth’s October 19 prospectus covers 11,499,992 Class A common shares under the Nasdaq ticker XRPN. Each public warrant allows its holder to purchase one share for $11.50. If holders exercise every warrant for cash, the company could collect approximately $132.25 million before expenses.

The filing does not announce a new public share sale or confirm that Evernorth has received the full amount. Cash will reach the company only when warrant holders exercise their rights. Evernorth will receive no money from subsequent sales of those shares between investors.

The SEC’s declaration of effectiveness permits the registration to proceed. Evernorth’s prospectus says management can direct any net proceeds toward general corporate purposes rather than committing a fixed sum to XRP purchases.

Evernorth Targets More XRP After Nasdaq Listing

Evernorth completed its merger with Armada Acquisition Corp. II on October 9. Its shares began trading under XRPN on October 12, giving public-market investors access to a company whose main business centers on holding and managing XRP. The company reported nearly 473 million XRP in its treasury at the merger’s close.

Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken and GSR participated in the company’s financing. Evernorth Chief Executive Asheesh Birla previously worked at Ripple. The company plans to increase its XRP holdings through capital raising and active treasury management.

Evernorth uses XRP per share to track its holdings against its outstanding share count. Additional stock issuance can increase shares in circulation, so treasury growth alone doesn’t guarantee a higher ratio. Management also plans to use institutional partners for XRP yield strategies and expects deployments during the fourth quarter.

Bitfinex Traders Increase XRP Long Exposure

Bitfinex XRP long positions reached 5.088 million tokens on October 20, their highest level in three weeks. Their value exceeded $6.7 million when XRP traded near $1.33. Open long exposure later eased to approximately 5.068 million XRP but remained above the five-million threshold.

The recovery followed declines that began after September 22, when Bitfinex longs reached 7.539 million XRP. XRP then fell 4.52% on September 23, and long exposure contracted by 1.241 million tokens over the following day. The increase began on October 13.

Broader derivatives figures showed $1.20 billion in XRP longs against $1.15 billion in shorts. That split gave Longs 51.02% of leveraged exposure, according to CoinGlass figures cited on October 21. Exchange-level positioning remained mixed across different trader groups.

XRP crypto traded around $1.35 after gaining more than 5% over 24 hours. The token reached a daily high near $1.37, while reported trading volume increased more than 30% to $2.27B.

This article is for informational purposes only and does not constitute financial advice. XRP and cryptocurrency-linked equities carry substantial volatility and potential capital losses. Readers should conduct independent research before making investment decisions.