Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP
- XRP holds below $1.30 as overhead technical levels weigh on price action.
- Ripple-backed Treasury firm Evernorth Holdings has filed with the SEC to raise $81 million to purchase additional XRP.
- Technically, XRP is at risk of deeper losses as the MACD sustains a sell signal and the RSI nears oversold territory.
Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.
Evernorth Holdings targets to expand XRP treasury
Evernorth Holdings (XRPN), a leading digital assets treasury company providing institutional access to XRP, announced on Monday that it had signed a common stock agreement with CF Principal Investments to set up an equity facility of up to 5,218,935 Shares of Class A Common Stock. If fully executed, the equity facility would raise near $81 million at the prevailing market rate for XRPN.
The company plans to use the funds for general corporate purposes, XRP ecosystem development, and to increase XRP treasury holdings. Evernorth said that it will continue to execute its treasury strategy through other committed equity offerings and equity-linked facilities.
“This represents our first step in putting facilities in place to help grow and manage our treasury in an accretive manner for shareholders,” Matt Frymier, Chief Financial Officer of Evernorth, said.
Evernorth is a publicly traded company that provides investors with exposure to XRP through a regulated, liquid and transparent structure. It is one of the world's largest XRP treasuries. It pursues strategies designed to increase the value of XRP per share over time, supported by the institutional and decentralized finance (DeFi) ecosystem.
Technical analysis: Bearish signals persist as XRP falls
XRP trades above, keeping a bearish near-term bias as price holds below the 50-day, 100-day and 200-day Exponential Moving Averages (EMAs) clustered between roughly $1.33 and $1.37. The SuperTrend at $1.45 stays well overhead, reinforcing the idea of a market capped by layered resistance, while the Moving Average Convergence Divergence (MACD) indicator remains slightly negative and the Relative Strength Index (RSI) at 38 suggests weak but not extreme downside momentum.
Initial resistance appears at the 100-day EMA near $1.33, followed by the 50-day EMA at $1.36 and the 200-day EMA at $1.37, forming a dense supply band that bulls would need to reclaim to ease the current pressure. Beyond these, the SuperTrend level at $1.45 and the downward resistance trend line from $1.72 outline higher hurdles, leaving the pair exposed to further downside while it trades below all major dynamic resistance and lacks any clearly defined support level immediately beneath the market.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Recommended Articles
