While institutional interest in XRP continues to increase day by day, the latest news came from a company called Evernorth Holdings.
As you may recall, Evernorth, a new cryptocurrency startup backed by Ripple, recently announced that it plans to raise over $1 billion to create the largest publicly traded XRP treasury.
With the support of Ripple, SBI, and leading crypto investors in its $1 billion XRP plan, Evernorth is quickly becoming a major player in the XRP space and is approaching its $1 billion target.
According to On Chain data, Evernorth Holdings has accumulated approximately 388.7 million XRP to date.
This amount makes Evernorth one of the largest institutional XRP holders.
The value of XRP held by the company has reached approximately $993.6 million, and the company has completed 95% of its target.
In light of this data, the company’s average XRP purchase price is at $2.44.
CryptoQunat analyst Maartun argued that this price could be a key level for XRP’s future price movements and could form a technically significant support zone.
“Evernorth Holdings’ strategy is similar to what other Digital Asset Treasuries like TRON Inc. have done.
“Evernorth is currently approaching the $1 billion funding milestone. The company has currently invested $947,183,571 in its treasury and generated approximately $46 million in unrealized profits in just four days. The average purchase price is around $2.44, which could be a significant level for Ripple’s future price movements.”
*This is not investment advice.