Key Takeaways:
Evernorth, the world's largest XRP treasury firm with backing from Ripple, has filed a Form S-4 with the U.S. Securities and Exchange Commission to list on the Nasdaq, signaling a potential supply crunch for the digital asset.
"The filing marks part of its planned business combination with Armada Acquisition Corp. II," the firm stated in a report. Upon approval, the company would trade under the ticker XRPN, a move designed to increase institutional access to XRP.
Data highlighted by Evernorth reveals a sharp tightening of XRP supply dynamics. Nearly 7 billion tokens were withdrawn from exchanges in February, the largest monthly outflow since November 2023. This has pushed the sellable supply of XRP on exchanges to multi-year lows.
The move toward a public listing comes as demand for XRP is growing. It puts a spotlight on the shrinking availability of the token on open markets, potentially setting the stage for price volatility if demand outstrips the readily available supply. Seven spot XRP ETFs also await SEC review ahead of expected decisions in the second quarter of 2026.
The supply squeeze is being driven by significant, sustained accumulation from long-term holders. According to Evernorth's analysis, wallets holding between 1,000 and 100,000 XRP have surged to an all-time high of approximately 1.1 million.
This trend accelerated in early April, with large holders adding around 11 million XRP per day. The persistent buying pressure suggests a high degree of conviction among investors regarding the token's future value, even as the price consolidates. As of April 22, XRP was trading around $1.44 with a 24-hour volume of $2.6 billion, per data from CoinGecko.
Despite the bullish on-chain signals, XRP's price has been consolidating within a $1.30 to $1.45 range. The key immediate resistance level remains at the $1.50 mark, a level it has struggled to break through.
Should the current support between $1.39 and $1.41 fail, a deeper floor exists at $1.32. However, the combination of a shrinking exchange supply, strong holder accumulation, and the potential for new institutional on-ramps via a Nasdaq listing and possible ETF approvals creates a compelling long-term outlook. The market is now watching to see if these fundamental factors can translate into a sustained breakout.
This article is for informational purposes only and does not constitute investment advice.
