$XRP adds a public-company angle to the story, but I’m not ready to count it as new buying.
Evernorth announced that it has completed its merger with Armada and expects to begin trading on Nasdaq as XRPN on October 12. The company disclosed that, at closing, it already held about 473 million XRP, along with roughly $300 million in gross cash proceeds, before transaction expenses.
Those XRP were already held at closing, so counting them as new buying today would count the same tokens twice. The roughly $300 million is gross cash proceeds, and the announcement doesn’t promise that all of it will go toward buying XRP. Stock investors are buying equity in the company; whether the company adds to its holdings will depend on future disclosures.
As of 11:43 a.m. Beijing time on October 10, Binance XRP perpetuals were up about 0.6% over the past 24 hours. That window includes trading before the announcement, so the price gain can’t prove how much buying the news brought in.
Tap $XRP to check the daily chart and trading volume: after this merger news came out, did volume continue to rise?
$XRP
Evernorth announced that it has completed its merger with Armada and expects to begin trading on Nasdaq as XRPN on October 12. The company disclosed that, at closing, it already held about 473 million XRP, along with roughly $300 million in gross cash proceeds, before transaction expenses.
Those XRP were already held at closing, so counting them as new buying today would count the same tokens twice. The roughly $300 million is gross cash proceeds, and the announcement doesn’t promise that all of it will go toward buying XRP. Stock investors are buying equity in the company; whether the company adds to its holdings will depend on future disclosures.
As of 11:43 a.m. Beijing time on October 10, Binance XRP perpetuals were up about 0.6% over the past 24 hours. That window includes trading before the announcement, so the price gain can’t prove how much buying the news brought in.
Tap $XRP to check the daily chart and trading volume: after this merger news came out, did volume continue to rise?
$XRP