In a major XRP news today, Ripple-backed XRP treasury Evernorth Holdings moves more than $280 million in XRP coins. The massive transfer sparks speculation within the crypto community amid XRP price slump towards $2.20 support level.
Whale Alert highlights 126,791,448 XRP worth $280,200,797 on the move between two unknown wallets on November 7. The huge transfer draws attention from the XRP community, aka the XRP army, amid speculation of whales liquidating their holdings.
On-chain analysis by CoinGape reveals that both wallets belong to Evernorth Holdings, with the new wallet showing November 5 as the creation date by BitGo. Notably, Evernorth (1) transferred over 126 million XRP to Evernorth (2), making it an internal transaction.
The reason behind the transaction remains unclear. The newly created wallet holds a total of 126,791,459 XRP, while the primary wallet holds more than 261,919,162 XRP.
On Tuesday, Evernorth Holdings acquired an additional 84,365,876.3625 XRP to boost its stash to 473,276,430 XRP. The Ripple-backed XRP treasury successfully accumulated 388.71 million XRP worth over $1 billion last week.
Evernorth Holdings will merge with Armada Acquisition Corp II to list on Nasdaq. Recently, Armada announced a change in ticker to XRPN, as part of the upcoming merger to become the largest XRP treasury company. Ripple will contribute 126,791,458 XRP tokens to the company in exchange for XRPN class A common stock on a one-for-one basis.
Bulls failed to hold XRP price near the $2.50 psychological level, despite various developments announced during the Ripple Swell event. It includes Ripple achieving a $40 billion valuation following a $500 million raise and partnership with finance services giant Mastercard.
XRP price fell more than 4% to below $2.20 support today, currently trading at $2.22. The 24-hour low and high are $2.19 and $2.33, respectively. Furthermore, trading volume dropped by 12% over the last 24 hours as the Ripple coin dropped below the 50-weekly moving average.
Coinglass data shows mixed sentiment in the derivatives market as trades brace for crypto options expiry. XRP futures open interest dropped nearly 5% to $3.34 billion over the past 24 hours.
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