Treasury Giant Nears NASDAQ Listing

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Ahmed Barakat

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Ahmed Barakat

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Mar 2024

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Ahmed Barakat is a journalist and copywriter based in Georgia with a growing focus on blockchain technology, DeFi, AI, privacy, digital assets, and fintech innovation.

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Last updated: 

August 28, 2026

XRP is trading at $1.42 as one of its biggest institutional backers edges closer to a public listing despite some bearish price analysis. Evernorth confirmed on August 27 that the SEC declared its registration statement effective, clearing a major hurdle in its planned merger with Armada Acquisition Corp. II.

The company also announced that Armada II shareholders will vote on the combination on September 30, 2026, putting the XRP treasury vehicle within sight of a Nasdaq listing pending that vote and other closing conditions. CEO Asheesh Birla framed the move as a bet on-chain institutional finance, saying Evernorth is “designed to accelerate XRP’s role in that work.”

The timing matters. XRP has been fighting to escape a multi-month range, and institutional adoption headlines like this one typically function as tailwinds rather than triggers on their own.

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XRP Price Analysis: Hit $1.60 This Week?

XRP’s slide to $1.42 puts it back below the $1.50 zone that several August technical reports flagged as the level needed to “materially improve the longer-term technical picture.” Reclaiming it would also put the price back above the closely watched 200-day SMA near $1.36-$1.37.

XRP price remains technically pinned below all four daily moving averages, a structure that one analysis called a “bearish configuration” that has defined price action for weeks. Support sits first at $1.37, then the more critical $1.00-$1.03 band that multiple desks describe as the last line before psychological levels near $0.95-$0.90 come into play.

A close above $1.45 will flip the 200-day average and open a run toward $1.45-$1.50 resistance retest from above. A continued chop could also happen between $1.37 and $1.45 while the market digests the Evernorth vote timeline.

The bears will dominate if it breaks below $1.37, which will likely drag the price back toward the $1.00 floor, invalidating the recent bounce. Whale activity versus ETF inflows remains the swing factor worth watching into next week.

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Maxi Doge Targets Early Mover Upside as XRP Tests Key Levels

A price drop right after a Nasdaq-adjacent catalyst is the kind of thing that tests conviction. Holders who bought the mid-$1.30s bounce are still in profit, but anyone chasing the above $1.50 high is underwater today.

XRP’s market cap also means even a clean breakout likely delivers single-digit percentage moves, not multiples. That math is pushing traders toward earlier-stage plays with more room to run.