XRP Gains After Evernorth Merger Vote Passes As 473M XRP Treasury Deal Advances
On September 30, XRP appreciated with the shareholder vote approval of the proposed merger of Evernorth with Armada Acquisition Corp. II. The feat takes a massive obstacle away from the Ripple-backed XRP treasury company, which is now eyeing a Nasdaq debut.
XRP Recovers After Sharp Intraday Drop
The vote has caught the eye of the XRP community, with Evernorth’s plans to launch a public XRP treasury under the XRPN ticker on Nasdaq. This move also coincided with a dramatic intraday selloff, putting the latest rebound in check as traders digested the impact of the merger result.
At press time, Ripple’s XRP rose by roughly 1.89% to $1.51 following a dip to below $1.47 ahead of the vote. The chart depicts a choppy trading session.
XRP price started to rise to $1.55, but it soon turned around. The token subsequently drifted around primarily between $1.48 and $1.50 for several hours. The price of XRP regained interest as the buys resumed later, pushing the coin back to $1.51.
This rally came around midday and XRP was soon touching $1.54. The rally was short-lived and the token soon returned to around $1.50. XRP was then able to find support below that level, before making a recovery.
The latest candles indicate that XRP is bouncing towards $1.51, implying that buyers have entered the market after the prior weakness.
XRPL Collaborator Reports Evernorth Vote Passed
The vote on the proposed merger was the major catalyst for the Armada shareholders’ decision to vote on the transaction. Bear Champ, who is a collaborator of XRPL, reported this result on X.
“Listened in on the Armada/Evernorth merger vote, it passed,” Bear Champ wrote.
The reported result is an important step for Evernorth. The company hopes to create a big corporate XRP treasury in a publicly traded structure.
There will be over 473 million XRP sold in the proposed transaction. Once the remaining closing conditions are met, the merged company will continue to be traded on the Nasdaq under the “XRPN” ticker.
The vote does not directly affect the quantity of individual holders’ balances, for XRP. Rather, it pushes for the formation and development of a giant corporation that has a high stake in the token.
The next focus will be official confirmation of the vote and the remainder of the steps to complete the merger.
