Nasdaq-listed XRP treasury company Evernorth stock plunges nearly 50% in a month

Evernorth (XRPN), an XRP treasury company backed by Ripple, has fallen nearly 47% since its October 12 Nasdaq debut, closing at a record low of $10.05 on November 5. A preliminary S-1 filing dated October 30 registers 73.7 million Class A shares for potential resale by 21 securityholders, including Ripple Labs and Arrington XRP Capital, raising overhang concerns. The filing does not confirm any planned sales, and lock-ups expire as early as April 9, 2027. XRP traded near $1.24, down nearly 5% in 24 hours.