XRP’s next Wall Street expansion comes with an unexpected complication from Ripple

Evernorth's Nasdaq debut Monday creates a listed vehicle holding roughly 473 million XRP, backed by Ripple, Kraken and Pantera, potentially deepening institutional liquidity on the XRP Ledger. Offsetting this, cost-minus-impairment accounting, a halved SPAC and sub-dollar XRP prices risk repeated writedowns that price recoveries cannot reverse. Expect event-driven volatility around XRPN's first post-merger filings rather than a clean directional catalyst.