XRP Price Drops 3% as Evernorth Moves $343M Ahead of ETF Launch

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XRP price has dropped 3% in the past 24 hours, currently trading at $2.38, as market sentiment turns cautious ahead of the highly anticipated Canary XRP ETF launch. The token briefly touched a high of $2.48 before retreating, while trading volume plunged over 40%, signaling reduced activity from retail traders.

Technical indicators have flashed a death-cross formation, suggesting short-term weakness, even as Ripple and its affiliated entities prepare for one of the most significant milestones in XRP’s history, its first spot ETF listing on Nasdaq under the ticker XRPC.

Evernorth Holdings’ Massive XRP Transfers Raise Whale Concerns

Amid the price dip, on-chain data has revealed major movements from wallets linked to Evernorth Holdings, Ripple’s largest XRP treasury. According to Whale Alert, approximately 143.7 million XRP, worth over $343 million, were transferred between wallets on November 12, sparking widespread curiosity among traders.

Blockchain analysis shows that the Evernorth (1) wallet sent a total of 202 million XRP to a BitGo Initialization Activated wallet labeled “rKhjV4.” Later, this wallet transferred 4.16 million XRP to another address, “rGJBNG.”

Further investigation indicates that the same BitGo-linked wallet activated several new XRP addresses with small amounts, hinting at a possible restructuring or redistribution of holdings. Previously,

Evernorth (1) moved 126 million XRP to a new wallet

Evernorth (2), which now holds the entire balance. The original wallet’s holdings have fallen to around 59.6 million XRP, valued at approximately $143 million.

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XRP Spot ETF Nears Nasdaq Listing, Boosting Institutional Sentiment

Optimism continues to build as the Canary XRP ETF moves closer to its official Nasdaq launch. Filed under the 1933 Securities Act, the ETF has become auto-effective following an 8-A filing and has already received Nasdaq approval. It is scheduled to begin trading this Thursday with a 0.50% management fee, marking a historic step for XRP as one of the few altcoins to secure a U.S. spot ETF listing.

However, traders remain cautious amid the Evernorth-linked whale movements and a cooling broader market. The derivatives market reflects similar caution. XRP futures open interest dropped 1.3% in an hour to $3.89 billion, and over 4% in 24 hours, with CME and Binance open interest down 6% and 9%, respectively.

Market Outlook: Caution or Institutional Preparation?

While these large wallet transfers could be internal realignments or strategic liquidity setups, their timing, just days before the ETF launch, has triggered speculation among analysts. Many wonder if this is a move to ensure institutional liquidity ahead of the ETF debut or if it signals deeper shifts within the XRP ecosystem.

For now, all eyes remain on the Nasdaq listing of the Canary XRP ETF, which could mark a defining moment for XRP’s institutional adoption and long-term market trajectory.

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