XRP Falls to $1.29 After Evernorth Listing

Evernorth’s pitch is that it can turn a balance-sheet hoard of 473 million XRP, worth about $648 million at current prices, into a source of real demand by pushing the token into institutional rails. The company says its first steps will run through partnerships with Coinbase and Kraken, aimed at expanding bank and financial-institution use, before moving into credit and lending products that could let holders post XRP as collateral. In theory, that gives XRP a use case beyond speculation. In practice, the market is waiting for proof that banks want it.

The stock and token reaction so far suggests investors are treating that thesis with caution. Adalytica’s Treasury Purchase Sentiment Outlook for TRSPR, the relevant sentiment gauge, is neutral at 43, down 50 points over the past week, while XRP itself has struggled to hold the $1.30 area after failing to sustain a move above $1.40. Open interest and exchange reserve data in the market backdrop also point to hesitant positioning rather than a broad accumulation phase.

Evernorth’s emergence also highlights a split in the crypto treasury model. Unlike companies that simply sit on digital assets and hope for appreciation, Evernorth is trying to commercialize its holdings. That is the bull case: if it can build real institutional payment, custody or lending flows around XRP, demand could deepen and the token could rerate over time. The bear case is that the market has heard the same story before, and XRP’s history of overpromising and underdelivering leaves little room for disappointment.

Standard Chartered’s $7 target for late next year and $12.50 in 2028 offers a long-dated upside framework, but the near-term hurdle is credibility, not valuation. For now, Evernorth’s debut has not changed the market’s verdict: XRP needs actual adoption, not just another listing, before investors will pay for the future bull case.