XRP Price Analysis: Treasury Giant One Step Away From NASDAQ

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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