Chris Larsen Offloads 50 Million XRP as Ripple-Backed Evernorth Prepares $1B SPAC Merger

Ripple co-founder Chris Larsen has stirred the crypto market after offloading 50 million XRP tokens, worth roughly $120 million, according to data from CryptoQuant. The sale, completed within just an hour, marks Larsen’s first major XRP transaction since July. Given his deep ties to Ripple’s ecosystem, the move quickly drew attention and raised questions about his confidence in XRP’s short-term outlook.

Evernorth’s Bold Move Toward a Nasdaq Debut

Larsen’s sale coincides with Ripple-backed firm Evernorth gearing up for a major public debut through a SPAC merger with Armada Acquisition Corp II. Led by former Ripple executive Asheesh Birla, the company plans to raise over $1 billion, creating what it calls the largest public XRP treasury under the ticker $XRPN on Nasdaq.

Evernorth has already secured $200 million in funding from big names like SBI Holdings, Pantera Capital, Kraken, and GSR. Its IPO and treasury model are designed entirely around XRP accumulation and deployment, marking a significant step for institutional use of the Ripple-linked token. According to analyst WrathofKahneman, this SPAC structure offers Ripple a public vehicle to hold and manage XRP as a liquid reserve through GTreasury’s institutional network.

Interestingly, Larsen himself invested 50 million XRP in Evernorth, aligning with his recent wallet movements. Ripple CEO Brad Garlinghouse also congratulated Birla’s team, emphasizing the project’s potential to bridge XRP with DeFi and institutional adoption.

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XRP Market Reaction 

Despite the wave of bullish announcements, XRP’s price has barely moved, gaining only about 2.5% in the past 24 hours. While that’s slightly ahead of the broader market, it falls short of the enthusiasm expected from such major developments. Analysts suggest that Larsen’s large-scale sale might have overshadowed Evernorth’s positive news, leaving traders cautious.

Analysts Split on the Bigger Picture

Crypto analyst Vincent Van Code compared Evernorth’s XRP strategy to MicroStrategy’s Bitcoin playbook, but with “legal transparency.” He praised Evernorth for registering its crypto accumulation plans openly, unlike MicroStrategy, which he mockingly described as “a failing software company hoarding a multi-billion-dollar BTC treasury.”

For now, XRP investors remain in a wait-and-see mode. While Evernorth’s IPO could become a major milestone for XRP’s institutional presence, Larsen’s massive sale hints that even Ripple’s insiders might be taking a more measured approach in the near term.

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