XRP continues to underperform, despite the public debut of Ripple-backed Evernorth Holdings.
XRP continues to underperform, despite the public debut of Ripple-backed Evernorth Holdings.
For the past three months, XRP (XRP -1.57%) investors have been patiently waiting for a new catalyst to turn things around for the beleaguered cryptocurrency, which is down 28% year to date.
In September, that catalyst was supposed to be the passage of the Clarity Act. That piece of groundbreaking crypto legislation has now been placed on hold after failing to make it through the U.S. Senate.
In October, the new catalyst was supposed to be the Nasdaq debut of Evernorth Holdings (XRPN -1.42%), the largest publicly traded XRP treasury company in the world. Unfortunately, XRP continues to underperform, and thus far has seen little or no lift from Evernorth.
As a result, XRP investors are now drawing up an entirely new timeline for the next bull market rally. It still involves Evernorth, but it hinges much more on higher rates of institutional adoption of XRP by banks and other financial institutions.
That's because Evernorth is sitting on a mother lode of 473 million XRP tokens, worth an estimated $648 million at today's prices. Unlike other digital asset treasury companies, which are largely content to hoard crypto and wait for prices to rise, Evernorth actually has a plan to put its $648 million in XRP to work.
First up is the deployment of XRP via new partnerships with two different cryptocurrency exchanges: Coinbase Global (COIN -2.72%) and Kraken. These partnerships will be used to ratchet up institutional adoption of XRP by banks and other financial institutions. Over time, that should lead to much higher demand for the XRP token.
Then, Evernorth will branch out into new credit and lending products involving XRP. Most likely, this will take on much more of a retail focus: enabling XRP holders to use their crypto holdings as collateral for loans, similar to what Coinbase is already doing with Bitcoin.
A future price target for XRP
If all goes according to plan, XRP could begin to soar in value sometime in mid-2027. By then, there should be much greater regulatory clarity around crypto, and the U.S. midterm elections will be in the rearview mirror.
Averytin News Financial update.