Key Takeaways
- Evernorth’s Form S-4 has become effective, clearing the way for Armada Acquisition Corp shareholders to vote on the proposed merger on Sept. 30.
- If completed, the combined company is expected to actively deploy capital across the XRP ecosystem.
- The development has revived bullish forecasts for XRP.
Evernorth has moved closer to becoming a publicly traded XRP treasury company after its registration statement for a proposed merger with Armada Acquisition Corp became effective.
The development clears the way for Armada shareholders to vote on the transaction on Sept. 30, one of the final major steps before the proposed merger.
Evernorth intends to offer public-market investors exposure to an actively managed XRP treasury.
The model could create more direct demand for XRP, prompting some bullish commentators to spotlight some of the most extreme XRP forecasts.
Evernorth’s XRP Treasury Nears Nasdaq Listing
The SEC declared Evernorth’s Form S-4 effective on Aug. 27, two days after the company submitted its seventh amendment to the registration statement.
If shareholders approve the deal and the remaining closing conditions are satisfied, Evernorth expects the transaction to close in late Q3 or early Q4.
Evernorth was established to provide institutional and retail investors with public-market exposure to an XRP-focused treasury.
Unlike a passive vehicle, the company plans to deploy its assets through institutional lending and other strategies intended to increase the amount of XRP represented by each share.
When the deal was first announced, Evernorth said it expected to generate more than $1 billion in gross proceeds.
The company said most of the net proceeds would fund open-market XRP purchases, with the remainder covering working capital and transaction expenses.
Its backers include Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken, and GSR.
Evernorth CEO Asheesh Birla said the company was now “one step closer” to building an XRP treasury with the governance and transparency expected from a public company.
Crypto commentator Paul Barron also welcomed the development on X, describing Evernorth as an “actively managed, institutional-grade XRP treasury” designed to expand the token’s public-market ecosystem.
“Nice move!” he added.
Ripple Raises $275M, But Limited XRP Impact
Evernorth’s progress follows another substantial financing move involving Ripple.
On Aug. 18, Ripple completed an upsized $275 million private placement of senior unsecured notes, with the proceeds earmarked for the expansion of its Ripple Prime institutional brokerage.
XRP was trading near $1 during the week of the sale.
It has since rebounded by approximately 52% amid a broader crypto market recovery, bringing it back toward $1.40.
However, Motley Fool analyst Alex Carchidi argued that Ripple’s ability to raise capital should not be mistaken for a direct catalyst for XRP.
“XRP isn’t equity in Ripple, and it has no claim on Ripple Prime’s revenue or its growth,” the analyst explained.
Carchidi noted that XRP’s extremely low transaction costs make it attractive as a settlement tool but provide relatively little value capture for holders.
Ripple Prime’s growth could therefore strengthen Ripple’s business without producing an equivalent increase in XRP’s price.
XRP Forecasts Stretch From $0.95 to $28
The difficulty of valuing XRP has led to an unusually wide range of price targets.
Standard Chartered originally predicted that XRP could reach $8 by the end of 2026.
However, the bank subsequently cut that target to $2.80 following weaker market conditions, while keeping a more bullish long-term forecast of $28 by 2030.
Carchidi has separately identified $3 as a plausible 2026 target, provided that the XRP Ledger attracts more activity and Ripple continues to expand its institutional footprint.
Evernorth News Revives $324 XRP Call
Despite the more restrained near-term forecasts, Evernorth’s progress and XRP’s latest recovery have again drawn attention to some of the token’s most aggressive predictions.
In June, analyst Charusan published a model placing XRP’s eventual price at $324.22.
“The reason I always set a $300 target is because my mathematical calculations explicitly point to $324.22,” he wrote.
The calculation assumes that only 15 billion XRP will remain freely available once large institutions begin using the network.
Charusan then estimates that XRP-based infrastructure could process $1.2 trillion in daily volume from clearing, derivatives collateral and cross-border banking.
After applying a regulatory liquidity buffer of four, the model produces a required liquidity pool of $4.8 trillion.
Dividing that figure by the assumed liquid supply of 15 billion XRP results in a price of $320.
He has described a price above $300 as a “technical necessity” if XRP becomes infrastructure for global institutional finance.
Can XRP Really Reach $300?
There is no technical block preventing XRP from trading at $300. However, the scale required makes it an extreme scenario.
At approximately $1.40, reaching $300 would require XRP to increase more than 200-fold, representing a gain of over 20,000%.
Using the roughly 63 billion XRP currently in circulation, a $300 price would imply a circulating market capitalization of approximately $18.9 trillion.
Evernorth could provide a direct source of buying pressure, particularly if it completes the merger and uses most of its proceeds for open-market purchases.
However, its proposed $1 billion-plus raise is equivalent to only around 1% of XRP’s current market capitalization — and not all of those funds will necessarily reach the XRP market.
For $300 to become credible, XRP would need to see massive, sustained institutional demand for the token itself, as well as major reductions in liquid supply.
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
