Ripple-backed Evernorth faces $220M drawdown as XRP struggles

Key Takeaways

• Ripple-linked Evernorth is down $220M on its XRP holdings.
• Evernorth invested roughly $947 million to acquire about 389 million XRP.

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Evernorth Holdings, an XRP treasury entity backed by Ripple executives, is sitting on paper losses of more than $220 million following the coin’s recent downturn.

According to data tracked by CryptoQuant, Evernorth’s XRP position totals approximately 389 million tokens, purchased for about $947 million.

Based on the current XRP price of $1.86, the value of that stake has declined to $724 million, resulting in a sizable unrealized deficit for the firm.

XRP, Ripple’s native crypto asset, has dropped around 16% over the past 30 days amid a market-wide correction that pushed Bitcoin below $88,000.

Prices have weakened even as US-listed XRP ETFs have posted consistent inflows since their debut, collectively taking in over $1 billion, per SoSoValue.