Today's Ripple (XRP) Update: Key Developments on October 21st

Ripple and its cryptocurrency XRP continue to dominate discussions in the crypto community. This article highlights recent key updates surrounding Ripple’s activities and what they mean for XRP’s future.

‘MicroStrategy Built for XRP’

Evernorth, a new venture funded by Ripple, announced its intention to go public via a merger with Armada Acquisition Corp II. This move aims to generate over $1 billion and will primarily focus on acquiring more XRP tokens.
Asheesh Birla, the former Ripple executive now leading Evernorth, mentioned the new initiative will explore investment opportunities alongside establishing a dedicated investment team, backed notably by Japanese firm SBI and the crypto exchange Kraken.

This news ignited excitement within the XRP community. A notable X user, Ripple Bull Winkle, stated, “Evernorth is essentially ‘MicroStrategy built for XRP from the ground up.’” He emphasized that the company plans to buy XRP directly from exchanges, which could help in diminishing the available supply and increasing the price.

“But it’s not just buying pressure. They’re also creating utility: liquidity pools, lending, and yield programs built around XRP as the base asset. More on-chain use = more transaction volume = more reason for institutions to hold XRP for settlement,” he added.

Larsen Sells XRP Tokens

In contrast to Evernorth’s accumulation strategy, Chris Larsen recently disposed of a portion of his XRP holdings, selling 50 million tokens, valued at over $120 million on October 20.
While some are concerned this could trigger panic selling and price drops, others pointed out Larsen’s involvement with Evernorth, suggesting the sale was more of a funding effort for the venture.

“Evernorth fills the missing link today in XRP capital markets and XRP usage in DeFi products. I’m proud to invest 50M XRP in the firm,” he clarified on X.

XRP Price Prediction

The cross-border token of Ripple has seen a significant decrease in value lately, plunging by nearly 20% over the past two weeks to its current price of $2.42 (according to CoinGecko).

Analysts are divided on future predictions, with an optimistic X user, ChartNerd, forecasting the price might soar to as high as $27. However, Santiment’s data indicates a declining sentiment towards XRP, marking its lowest levels in nine months. Historically, such dips can indicate a buying opportunity, as crypto prices often defy conventional market expectations.

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XRP Price, Source: CoinGecko