XRP declined 1.45% to $1.36 on Monday, its lowest price in two weeks, as escalating US–Iran tensions weighed on risk assets. The news comes as Evernorth Holdings filed a Form S-4 with the SEC regarding its planned merger with Armada Acquisition Corp. II, a Nasdaq-listed SPAC, which would create a publicly traded XRP treasury company holding roughly $1 billion in XRP. Investors in the deal include Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital, with plans to hold roughly $1 billion in XRP. The merger remains subject to SEC review, shareholder approval, and other customary closing conditions.
Evernorth’s chief executive Asheesh Birla has highlighted rising XRP activity, noting daily transactions approaching 3 million this week, up from about 1 million per day in mid-2025, citing XRPScan data as a sign of growing network usage. He stressed that XRP is not yet functioning as a liquidity bridge at scale, which may help explain why market pricing has not moved in step with adoption-related indicators. Birla also indicated that whether banks and businesses begin using XRP as working capital would be a more meaningful signal of institutional deployment.
From a technical standpoint, XRP appears to be forming a bear pennant on the daily chart after a sharp drop earlier in 2026, with price consolidating between converging trendlines. This pattern typically signals continuation of the prior downtrend. XRP is currently trading near the apex, increasing the likelihood of a decisive move soon. A breakdown below the lower trendline could trigger a continuation toward the measured target near $0.90, implying roughly a 30% decline from current levels, with the structure remaining bearish while price stays below key EMAs that act as dynamic resistance.
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