Evernorth's XRPN stock has lost approximately 83% of its value from its post-listing peak, closing under $9 about a month after its Nasdaq debut. It has fallen far harder than XRP itself, which is now just inches above $1.00.
XRPN closed under $9 at the end of the previous business week, after touching a new local low of $8.35 during the Thursday session. Its high came at almost $53, reached on its debut shortly after launch.
That puts the stock down approximately 83% from the post-listing peak. The slide is striking given the excitement around the October 12 Nasdaq launch, when Evernorth entered public markets holding approximately 473 million XRP and around $300 million in gross cash proceeds.
XRPN lags the token it was built around
Evernorth described itself as an actively managed XRP treasury rather than a vehicle that would simply hold the token. It later selected Ripple, Coinbase, Kraken and BitGo as execution partners to deploy the treasury into institutional strategies. CEO Asheesh Birla said the objective was to increase "XRP per share" over time.
The stock's drop, however, outpaces the underlying cryptocurrency. XRP traded around $1.40 when Evernorth debuted and is now just inches above $1.00.
Some X users, such as daolang 589, argue that investors have not abandoned XRP itself, but rather the company designed to provide public-market exposure to the cross-border token.
Source: CryptoPotato
Trading involves risk.
Risk Disclaimer
