TL;DR
XRP’s circulating market capitalization fell about $61.14 billion year over year, dropping 42.6% as price declined roughly 45.5% despite a larger circulating supply.
Evernorth began Nasdaq trading under XRPN on October 12 with approximately 473 million XRP and $300 million in gross cash proceeds following its business combination.
The two developments are concurrent, not causal: Evernorth expands institutional XRP exposure while the token remains substantially below its October 2025 valuation.
XRP’s circulating market capitalization has fallen by about $61.14 billion over the past year as Ripple-backed Evernorth begins trading on Nasdaq. CoinMarketCap historical data place XRP at $143.38 billion in market value and $2.3906 on October 19, 2025, versus $82.24 billion and $1.3027 one year later. Circulating supply increased from 59.98 billion to 63.13 billion XRP. For readers following XRP , the contraction reflects a lower token price despite a larger circulating supply.
XRP Price Decline Contrasts With Evernorth’s Nasdaq Expansion
The year-over-year figures represent a 42.6% decline in circulating market capitalization and an approximately 45.5% fall in XRP’s price. Because market capitalization multiplies circulating supply by price, the additional 3.15 billion XRP partly offset the decline. That distinction matters when assessing the XRP adoption and price disconnect . The $61.14 billion reduction is a change in market valuation, not $61.14 billion of investor capital withdrawn from XRP.
Evernorth completed its business combination with Armada Acquisition Corp. II on October 9 and began trading on Nasdaq under XRPN on October 12, holding approximately 473 million XRP and $300 million in gross cash proceeds. The debut followed Evernorth’s Nasdaq listing process and gives shareholders exposure to a managed corporate treasury rather than directly redeemable XRP. XRPN initially reached $19.39 before retreating toward $17 during its first session. The company and XRP can therefore develop separate market dynamics despite Evernorth’s treasury exposure.
Evernorth also plans to deploy part of its holdings instead of relying only on token appreciation. The company identified Ripple, Kraken, Coinbase and BitGo as execution partners, with treasury strategies expected during the fourth quarter. Proposed activities include lending, liquidity provision and other institutional uses, although no expected returns or token allocations were disclosed. That approach aligns with Evernorth’s XRP treasury strategy . XRPN represents exposure to an actively managed XRP-focused company, not passive ownership of redeemable tokens.
CoinMarketCap’s October 20 reading placed XRP near $1.29, keeping the token close to the lower valuation captured in the annual comparison. Evernorth’s Nasdaq debut does not establish a causal relationship with XRP’s year-long decline. Instead, both developments illustrate different dimensions of the ecosystem: XRP has lost substantial market value while institutional structures built around holding and deploying the token continue expanding. The Nasdaq listing broadens public-market exposure to an XRP treasury, but it does not reverse XRP’s price decline or guarantee future demand.
