The world's largest XRP treasury firm backed by Ripple, Evernorth, is taking a step further to achieve its goal of pushing XRP adoption across institutions all around the globe.
In a recent report shared earlier today, the firm revealed it has filed a Form S-4 registration statement with the U.S. Securities and Exchange Commission (SEC) to list on the Nasdaq Stock Market.
While the filing marks part of its planned business combination with Armada Acquisition Corp. II, it would trade under the ticker XRPN upon the approval of its application.
Evernorth spotlights XRP's growing demand
Following its recent filing with the SEC, Evernorth spotlighted XRP's growing demand as the asset continues to gain traction amid the broad crypto market resurgence.
While it emphasized XRP's significant outflows seen earlier this year, the firm has spotted a tightening supply dynamic for XRP.
Evernorth's forecast came after noting that nearly 7 billion tokens were withdrawn from exchanges in February, marking the largest monthly outflow since November 2023.
The firm further shared a brief analysis revealing that XRP supply on exchanges is shrinking as long-term holders increasingly accumulate the token in large quantities.
Per data showcased by Evernorth, it appears that sellable XRP supply has dropped to multi-year lows, signaling a massive upside trend in the price of the asset if demand persists.
XRP large holders swing into action
In its report, Evernorth further highlighted that wallets holding between 1,000 and 100,000 XRP have surged to an all-time high of about 1.1 million.
This suggests that the asset has continued to gain interest among investors who believe in its future potential and have stayed resilient even amid the prolonged market rally.
At the same time, large holders were reportedly adding around 11 million XRP per day in early April, signaling sustained accumulation across the market.
Dan Burgin
U.Today Editorial Team
