XRP’s price (XRP-USD) is losing ground today. The token plunged 4.81% to $1.4252 after news that Evernorth delayed its Nasdaq debut while XRP token unlocks add more selling pressure.
XRP’s Token Unlock Adds to the Sell Pressure
The recent price drop follows a huge XRP token release by Ripple. On October 1, the firm unlocked 1 billion XRP worth about $1.49 billion, which quickly brought extra coins into the market and added to the selling push. Large XRP supplies entering the market can quickly change the price of XRP if demand does not keep pace.
People are watching closely to see if XRP can get back above $1.50. If XRP fails to hold near $1.40, price charts point down to $1.38 and $1.33 price levels for XRP. On the other side, a push past $1.52 is needed to help XRP’s short-term path.
Evernorth Is Delaying Its Nasdaq Public Debut
Adding to a cautious market mood, Evernorth Holdings pushed back its planned public stock market debut on the Nasdaq. The Ripple-backed firm, which is building a large XRP reserve fund, moved its listing date to October 12 due to a paperwork issue.
Evernorth is going public via a deal with Armada Acquisition Corp. II ($AACI) ($XRPN) under the ticker XRPN. The firm stated the delay is minor and will not change the final close. Instead, this wait arrived alongside delayed October upgrades for the XRP Ledger.
Once the deal wraps up, Evernorth plans to hold about 473 million XRP along with roughly $300 million in cash, making it a key publicly traded fund for the token. Even though the stock launch does not create new demand for XRP because the coins already belong to the company, the calendar change compounds investor caution during a week of technical setbacks.
Over the long term, having a public XRP treasury stock could make it easier for regular stock investors to buy a proxy asset to get exposure to XRP.
XRP Ledger Updates Also Face Delays
The network upgrades for the XRP Ledger also hit a roadblock this month. These software changes were meant to roll out in October, but they had to be pushed back.
The main reason for the delay is that too few node operators voted to approve the updates. On the XRP network, people who run validator nodes must vote to turn on new features. Since support dropped below the required mark, the system stopped the countdown and had to start over. This pause means that XRP’s network needs to wait for more validators to agree before the system updates can go live.
