Ripple (XRP) Surges Past $1.50 as Evernorth Merger Gets Shareholder Approval

Key Points

• XRP advanced approximately 1.89% to reach $1.51 after previously sliding under $1.47, driven by Armada Acquisition Corp. II shareholder approval of the Evernorth merger deal.
• The combined entity is set to debut on Nasdaq trading under “XRPN,” involving the transaction of over 473 million XRP tokens.
• The digital asset posted a 48% surge during Q3 2026, marking its strongest third-quarter performance since 2022, despite trading 59% below its July 2025 peak of $3.65.
• XRP holdings on exchanges declined from 12.9 billion to 11 billion tokens since April, with approximately 1.6 billion XRP withdrawn from trading platforms over the last fortnight.
• Technical charts reveal a symmetrical triangle formation on four-hour timeframes, with market watchers focusing on $1.54 and $1.70 as critical resistance zones.

The XRP token experienced upward momentum on September 30 following the successful shareholder vote by Armada Acquisition Corp. II to proceed with the Evernorth Holdings merger. Evernorth, which has backing from Ripple, aims to establish a substantial corporate XRP treasury position.

The digital asset gained around 1.89% to settle at $1.51. This uptick followed an earlier retreat beneath the $1.47 mark before the voting results were announced.

Price action remained volatile during the trading session. The token briefly tested $1.55 during early hours before pulling back and consolidating in the $1.48 to $1.50 range for an extended period.

A midday surge lifted prices to $1.54, though momentum weakened and prices retreated toward $1.50. Support materialized at that level, enabling another push higher to $1.51.

Bear Champ, an XRP Ledger contributor, announced the voting results via X. “Listened in on the Armada/Evernorth merger vote, it passed,” Bear Champ posted, providing early confirmation to the XRP ecosystem ahead of formal announcements.

The merger doesn’t directly impact current XRP token holdings. Rather, it establishes the framework for Evernorth to become a major publicly listed entity with significant XRP exposure.

The proposed deal encompasses more than 473 million XRP tokens. Upon completion of final procedures, the new entity will commence trading on the Nasdaq exchange using the ticker symbol “XRPN.”

Record-Breaking Quarterly Performance

XRP begins October following a robust 48% appreciation during the third quarter, representing its most impressive Q3 showing in four years. However, the asset remains 59% beneath its record high of $3.65 established in July 2025.

United States spot XRP exchange-traded funds currently manage approximately 1.16 billion XRP, representing a value near $1.76 billion. Total net capital inflows into these investment vehicles have accumulated to roughly $1.68 billion.

Technical analyst Ali Charts shared a chart perspective on X, highlighting a crucial price threshold for market participants. “XRP appears to be developing a symmetrical triangle on the hourly chart. Now, everything comes down to $1.54,” Ali Charts noted, suggesting that sustained trading above this level might trigger an advance toward $1.70.

Ripple’s annual Swell conference is scheduled for New York between October 27 and 29. Financial markets are currently assigning up to a 64% probability for a Federal Reserve policy decision during the October 27-28 meeting.

Historical data indicates October has traditionally been challenging for XRP. The token has recorded an average decline of 5.14% during October and posted negative returns in both 2024 and 2025.

Token Distribution and Technical Indicators

According to Glassnode metrics, XRP balances held on cryptocurrency exchanges decreased from approximately 12.9 billion to 11 billion tokens beginning in April. Roughly 1.6 billion XRP exited trading platforms during just the previous two weeks.

Major wallet holders allegedly accumulated 470 million XRP during a five-day span last week. Simultaneously, Binance’s XRP scarcity metric dropped to its lowest reading since January 2025.

Weekly chart analysis shows XRP breached a descending resistance line that had constrained price action since the July 2025 all-time high. The breakout received validation through elevated volume during August.

The weekly Relative Strength Index currently registers near 55, positioned above neutral territory, having also broken free from its previous downward trajectory. XRP maintains crucial support within the $1.47 to $1.50 zone.

Four-hour timeframe analysis displays a symmetrical triangle structure, with converging trendlines approaching apex around October 3. Key resistance exists at $1.59, while support layers sit at $1.47 and $1.38.

An upward breakout from this consolidation pattern could project targets near $1.83. Conversely, a downside break might drive prices toward $1.17, corresponding to the 0.786 Fibonacci retracement threshold.

Ripple is also scheduled to potentially unlock up to 1 billion XRP from its escrow system on October 1, presenting an additional variable for market participants to monitor this week.