#What Happened to Evernorth's XRP Holdings?
Evernorth Holdings, a treasury entity focused on XRP, has experienced a significant decline in the value of its XRP portfolio. After starting to acquire XRP in late October, the firm has seen nearly $100 million diminished from its holdings over the course of just 2.5 weeks.
How Much Did Evernorth Invest and What is the Current Status?
The firm originally purchased approximately 389 million XRP for around $947 million. With the price of XRP currently hovering around $2, Evernorth's portfolio is now valued at about $850 million, marking an unrealized loss exceeding $95 million. This dramatic drop comes amid a broader market correction that has seen XRP fall approximately 24% in the past month. Bitcoin has also seen a substantial decline, dropping below $100,000 for the first time since June.
What Does This Mean for Investors?
Despite the recent challenges, including the overall downturn in the crypto market, there are still positive developments surrounding Ripple, the entity behind XRP. Notably, Ripple successfully raised $500 million from renowned institutional investors. This could indicate continued confidence in the potential of XRP and Ripple’s future, even amidst setbacks. Investors should remain aware of market fluctuations but also consider the strategic implications of Ripple's funding success and what it might mean going forward.