Evernorth Holdings Moves $343 Million in XRP Ahead of Ripple ETF Launch
Massive XRP transfers linked to Evernorth Holdings believed to be Ripple’s largest XRP treasury have drawn market attention just days before the launch of the first spot XRP ETF.
Large-Scale XRP Movements
On November 12, Whale Alert detected 143.7 million XRP (worth about $343 million) moving between two wallets tied to Evernorth Holdings. The firm’s main wallet, Evernorth (1), has so far transferred over 202 million XRP to BitGo’s “Initialization Activated” wallet (rKhjV4).
Later, that BitGo wallet sent a portion of the XRP about 4.16 million coins to another address (rGJBNG). Meanwhile, BitGo’s self-custody wallet briefly activated several new wallets before depleting its XRP balance, leaving analysts puzzled about the motive.
Previously, Evernorth (1) transferred 126 million XRP to a newly created Evernorth (2) wallet, which still holds roughly 126.8 million XRP. The original wallet now contains 59.6 million XRP, valued at approximately $143 million.
XRP ETF and Market Reaction
The timing of these large transfers coincides with the imminent debut of the Canary XRP ETF, which has received Nasdaq approval under the ticker XRPC. The ETF, filed under the 1933 Securities Act, is set to begin trading Thursday with a 0.50% management fee.
Despite the excitement surrounding the ETF launch, XRP prices dipped 3%, trading at $2.38 amid lower volume and a bearish death-cross on the daily chart. Futures data from CoinGlass showed declining open interest, with XRP futures down 4% overall and over 6%–9% drops on CME and Binance.
Market Outlook
Analysts say the on-chain activity and ETF launch could mark a pivotal moment for XRP’s market dynamics, though traders appear cautious ahead of Thursday’s debut.
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