XRP Value Struggles Against $2.40 as Evernorth’s $1Bn Initiative and David Schwartz Propel Institutional Optimism
This week, XRP announcement has regained attention following significant announcements from Ripple and its ecosystem, which briefly elevated the coin above the crucial $2.40 threshold, reinstating optimism in both spot and derivatives markets.
This shift comes after it was confirmed that David Schwartz, Ripple’s longtime Chief Technology Officer, will transition from his position to take on a role as a strategic advisor at Evernorth Holdings Inc.
XRP community – I had promised to provide an announcement on my next adventure soon, right? Well, here’s the beginning: I’ll be a strategic advisor to @evernorthxrp, led by my friend @ashgoblue.
Evernorth was established as a regulated, scalable investment avenue to seize opportunities for… https://t.co/nxHzATwcIK
— David ‘JoelKatz’ Schwartz (@JoelKatz) October 20, 2025
XRP News: Evernorth XRPN Initiatives Advance with David Schwartz Joining
Evernorth, a newly established institutional investment company focused on XRP, has revealed plans to go public via a merger with Armada Acquisition Corp II (Nasdaq: AACI), a transaction projected to generate over $1 billion in gross funds.
Upon completion, the firm will be listed on Nasdaq under the ticker XRPN, attracting support from major investors such as SBI, Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.
The capital acquired will primarily focus on acquiring XRP from the open market to create what Evernorth dubs “the largest institutional XRP treasury in the world.”
Ripple CEO Brad Garlinghouse has praised this move as a pivotal advancement for XRP’s long-term vision.
“Evernorth aligns closely with Ripple’s goal of establishing XRP as the global asset for efficient settlement,” he stated.
“It’s about enhancing use cases, engagement, and trust within the XRP ecosystem.”
Evernorth’s design aspires to offer investors a public listing platform for XRP investment, combining traditional finance with decentralized yield opportunities through Decentralized finance lending and available volume solutions.
Guided by former Ripple executive Asheesh Birla, the company aims to boost institutional confidence in XRP as both a capital markets and Decentralized finance asset.
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XRP USD Price Drops Below $2.40: Open Interest and Increased Accumulation Enhance Market Confidence
The latest changes emerge as XRP briefly regained $2.40, a price point analysts deem a Point of Control, characterized by significant historical volume – before a subsequent decline.
Technical signals reflect renewed accumulation, with open interest rising to multi-month highs, indicating that traders are building long positions instead of liquidating.
If daily prices can reclaim and maintain above $2.40, the XRP USD price may embark on a rally towards $2.70–$3.00, signifying the start of a new growth phase led by institutions.
With Schwartz’s exit indicating Ripple’s shift towards a more comprehensive advisory and infrastructure strategy and Evernorth’s Nasdaq debut poised to infuse new available volume, XRP price might be gearing up for one of its largest breakouts in years. Let’s explore this further.
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XRP Price Forecast: XRP USD Struggles with $2.40 Price ceiling – Did XRP Face Rejection?
As XRP USD price grapples with the $2.40 level, XRP is presently trading at a market price of $2.37 (indicating a -1.85% decrease on the daily as of this writing).
This follows a consistent consolidation over the prior week, where XRP USD formed double-bottom support above $2.30.
(Source –XRP USD, TradingView)
The initial surge to $2.40 was driven by technical strength, with many optimistic traders expecting a natural rebound from the base level framework; however, with open interest on the rise, today’s potential rejection at $2.40 could very well represent a liquidity-targeted false price breakout.
XRP’s RSI indicator supports this notion, showing a strong bull signal at 38.28, suggesting significant upside potential in the chart (possibly pointing to the 20DMA at $2.60 as a significant upper target for the October close). https://www.tradingview.com/symbols/XRPUSDT/
If the XRP USD price fails to break back above this pivotal level, the low time-frame descending trendline could lead the price action to plunge back to $2.30 as the weekend approaches.
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The article XRP Price Wrestles With $2.40 as Evernorth’s $1Bn Push and David Schwartz Fuel Institutional Bullishness first appeared on 99Bitcoins.
