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XRP Treasury Evernorth Set to Begin Trading: Can XRP Price Extend Its Rally?

Source Tradingkey

TradingKey - XRP Ecosystem Treasury Company Evernorth Set to Open for Trading; Can XRP Price Capitalize on the Momentum?

On October 12, mainstream cryptocurrencies posted a four-day winning streak, with Bitcoin (BTC) briefly breaking above $84,000, Ethereum (ETH) surpassing $2,550, and Ripple (XRP) following suit to break above $1.40, temporarily trading at $1.4060. However, can the price of XRP launch a strong new rally immediately after treasury company Evernorth opens for trading?

xrp-price-9c7ccfeaa1fd40978f370f5ca2c3d1e5 XRP Price Chart, Source: TradingView

Evernorth, a mega XRP treasury company backed by institutions such as Ripple and Arrington Capital, officially debuted today on Nasdaq for trading under the ticker XRPN. As a publicly listed company holding approximately 473 million XRP tokens and hundreds of millions of dollars in cash, the trading debut of XRPN is undoubtedly a major milestone for XRP towards entering the compliant U.S. stock market financial system, but its short-term impact remains very limited.

The trading debut of XRPN breaks the limitation that traditional U.S. stock funds and institutional investors cannot hold cryptocurrencies directly, meaning U.S. stock investors can purchase XRPN through standard brokerage accounts, indirectly injecting traditional U.S. stock capital into the XRP ecosystem. However, the listing moment does not mean the market will immediately see hundreds of millions of dollars in spot market buy orders, not to mention that it faces the impact of two adverse events.

XRP Ledger responded today to a security vulnerability that could allow the minting of trillions of XRP, stating that it has been fixed via version 3.4.1. However, regarding the $250,000 bounty awarded by XRP Ledger for the vulnerability, industry figures represented by ZachXBT criticized the reward as too low, which would reduce industry trust in XRP Ledger and Ripple and potentially trigger more attacks. In addition, Ripple will unlock another 1 billion XRP on November 1.

From a sentiment perspective, XRP may experience an independent rally tonight after Evernorth opens, but it will ultimately return to syncing with the broader market, with the final trend depending on whether Bitcoin can bounce back and strengthen further. If BTC can continue rising to $87,000, there is a higher probability of XRP making a further push toward $1.60-$1.70.

Source

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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