XRP Price Wrestles With $2.40 as Evernorth’s $1Bn Push and David Schwartz Fuel Institutional Bullishness

[Redator]

XRP news is back in focus this week after a flurry of major announcements from Ripple and its ecosystem briefly pushed the token above the critical $2.40 mark, restoring bullish sentiment across both spot and derivatives markets.

The move follows confirmation that David Schwartz, Ripple’s long-serving Chief Technology Officer, will step down from his post to join Evernorth Holdings Inc. as a strategic advisor.

XRP community – I promised I’d have an update on my next adventure soon right? Well here’s the start: I’ll be a strategic advisor to @evernorthxrp, helmed by my friend @ashgoblue.

Evernorth was founded as a regulated, scalable investment vehicle to tap into opportunities for… https://t.co/nxHzATwcIK

— David 'JoelKatz' Schwartz (@JoelKatz) October 20, 2025

XRP News: Evernorth XRPN Plans Push Forward Amid David Schwartz Entrance

Evernorth, a newly formed XRP-focused institutional investment firm, has announced plans to go public through a merger with Armada Acquisition Corp II (Nasdaq: AACI), a deal expected to raise over $1Bn in gross proceeds.

Once complete, the company will trade on Nasdaq under the ticker XRPN, with backing from heavyweight investors including SBI, Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.

The capital raised will be used primarily to purchase XRP on the open market and establish what Evernorth calls “the world’s largest institutional XRP treasury.”

Ripple CEO Brad Garlinghouse hailed the move as a major step forward for XRP’s long-term vision.

“Evernorth is deeply aligned with Ripple’s mission to make XRP the global asset for efficient settlement,” he said.

“It’s about bringing more use cases, participation, and confidence to the XRP ecosystem.”

Evernorth’s structure aims to provide investors with a publicly listed vehicle for XRP exposure, blending traditional finance with decentralized yield opportunities through DeFi lending and liquidity programs.

Led by former Ripple executive Asheesh Birla, the company will focus on building institutional confidence in XRP as both a capital markets and DeFi asset.

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XRP USD Price Loses $2.40: Open Interest and Increased Accumulation Bolsters Market Confidence

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The developments come as XRP briefly reclaimed $2.40, a level analysts view as a Point of Control, a key price zone defined by heavy historical volume – before a subsequent drop.

Technical indicators indicate renewed accumulation, with open interest rebounding to multi-month highs, suggesting that traders are rebuilding long positions rather than liquidating.

If daily can push back above and hold at $2.40, XRP USD price could enter a continuation rally toward $2.70–$3.00, marking the beginning of a new institutional-led growth phase.

With Schwartz’s departure signaling Ripple’s evolution toward a broader advisory and infrastructure model and Evernorth’s Nasdaq listing primed to inject fresh liquidity, XRP price may be preparing for one of its most significant breakouts in years. Let’s take a look.

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XRP Price Prediction: XRP USD Wrestles With $2.40 Resistance – Did XRP Just Reject?

As XRP USD price continues to wrestle with the $2.40 price level, XRP is currently trading at a market price of $2.37 (marking a -1.85% drop on the daily at the time of writing).

This follows a sustained consolidation over the past week, during which XRP USD formed double-bottomed support above $2.30.

(Source –XRP USD, TradingView)

The initial push up to $2.40 was driven by technical strength, with many bull traders anticipating a predictable bounce from the support structure; however, with open interest increasing, the potential rejection at $2.40 this Afternoon could well be a liquidity-targeted fake-out.

XRP’s RSI indicator lends weight to this theory, with a strong bull signal at 38.28, suggesting significant upside potential in the chart (perhaps highlighting the 20DMA at $2.60 as a key topside target for the October close). https://www.tradingview.com/symbols/XRPUSDT/

If XRP USD price is unable to push back above this key level, the low time-frame descendant trendline could see price action slam back down to $2.30 into the Weekend.

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