XRP Price Drops 3% as Evernorth Gains $343 Million Ahead of ETF Launch – BitRss – Crypto World News

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The XRP price has fallen 3% over the past 24 hours and is currently trading at $2.38 as market sentiment turns cautious ahead of the highly anticipated launch of the Canary The token briefly reached a high of $2.48 before retreating as trading volume fell more than 40%, indicating reduced activity from retail traders.

Technical indicators have shown a death-cross formation, signaling short-term weakness, even as Ripple and its affiliates prepare for one of the most important milestones in XRP history, the first spot ETF listing on Nasdaq under the ticker XRPC.

Evernorth Holdings’ Massive XRP Transfers Raises Whale Concerns

Amid the price drop, on-chain data has revealed big moves from wallets linked to Evernorth Holdings, Ripple’s largest XRP treasury. According to Whale Alert, approximately 143.7 million XRP, worth over $343 million, was 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 reveals that the same BitGo-linked wallet activated several new XRP addresses with small amounts, indicating a possible restructuring or redistribution of holdings. Previously,

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

• Evernorth (2), which now owns the entire balance. The holdings of the original wallet have fallen to approximately 59.6 million XRP, worth approximately $143 million.

• Also read:
• XRP ETF Goes Live Tomorrow, But Doubts It Can Surpass Solana
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XRP Spot ETF nears listing on Nasdaq, boosting institutional sentiment

Optimism continues to rise as the Canary XRP ETF moves closer to its official Nasdaq launch. The ETF, filed under the Securities Act of 1933, became automatically effective upon an 8-A filing and has already received Nasdaq approval. Trading is scheduled to begin next Thursday with a management fee of 0.50%, marking a historic step for XRP as one of the few altcoins to secure a US spot ETF listing.

However, traders remain cautious due to Evernorth-linked whale movements and a cooling broader market. The derivatives market reflects a similar caution. Open interest on

Market outlook: caution or institutional preparation?

While these large portfolio transfers could be internal reallocations or strategic liquidity setups, their timing, just days before the ETF’s launch, has sparked speculation among analysts. Many are wondering 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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