Key points:
- XRP Circulating market value decreased by $61.14 billion within the year
- Evernorth enters NASDAQ, holding approximately 473 million XRP
- The increase in token supply has, to some extent, offset the decline in the price of XRP.
Over the past year, the circulating market value of XRP has decreased by approximately $61.14 billion, representing a decline of 42.6%. This change coincides with the time when Evernorth Holdings, which is supported by Ripple, entered NASDAQ trading and became one of the largest publicly traded XRP portfolios.
Historical market data as of October 19 indicates that the circulating market value of XRP has decreased from $14.338 billion in 2025 to $8.224 billion in 2026. Despite increased institutional activity surrounding the XRP ecosystem, its price has still fallen by about 45.5%, from $2.3906 to $1.3027.
This comparison is particularly relevant to Evernorth. The company completed its business merger on October 9th and began trading on October 12th under the code XRPN, holding approximately 473 million XRP.
XRP's market value declined by $61.1 billion, but supply increased
The decline of XRP reflects a significant drop in token prices, rather than a reduction in the circulating supply.
During the statistical period, the number of XRP tokens in circulation increased from approximately 59.98 billion to 63.13 billion, representing an increase of 3.15 billion tokens.
Since the circulating market value is equal to price multiplied by supply, the addition of new tokens has, to some extent, offset the impact of falling prices.
It should be noted that the reduction of $61.14 billion refers to the change in the floating market value, and it is not equivalent to the actual amount of funds withdrawn by investors.
Evernorth holds 473 million XRP; its treasury faces new challenges
According to the announcement on October 9th from Evernorth, the company has completed a merger with Armada Acquisition Corp and II. Upon entering the public market, it held approximately 473 million XRP tokens, as well as a total cash proceeds of 300 million US dollars.
This transaction was initially planned to raise over $1 billion through financing and contributions from XRP. However, due to the price of XRP falling from around $2.36 during the transaction negotiations, the company subsequently adjusted its equity structure.
Evernorth had significant fluctuations on its debut on NASDAQ. XRPN rose to $19.39 shortly after opening, but then fell back to around $17 on its first trading day.
Evernorth plans to generate profits from the holdings in XRP.
Evernorth indicates that its goal is not only to wait for the price of XRP to rise.
In a announcement on October 14, the company stated that it has designated Ripple, Kraken, Coinbase, and BitGo as institutional implementation partners, and expects to begin deploying treasury strategies in the fourth quarter.
The proposed arrangements include lending, liquidity provision, and other institutional activities. The company has not yet disclosed the expected returns or the specific token allocation.
These plans make the treasury strategy of Evernorth different from simply treating XRP as an asset held on the company's balance sheet.
More broadly speaking, this also reflects that an increasing number of listed companies are viewing XRP as capital that can be mortgaged and deployed, rather than merely as a speculative investment.
