Ripple-backed Evernorth faces $220M drawdown as XRP struggles
Crypto Briefing
Ripple-backed Evernorth Holdings is facing over $220 million in paper losses on its 389 million XRP holdings due to a recent price decline.Summary
Evernorth Holdings, an entity backed by Ripple executives that manages an XRP treasury, is currently experiencing unrealized losses exceeding $220 million. This deficit stems from the recent downturn in XRP's price, which has fallen about 16% in the last 30 days amid a broader market correction. Evernorth initially acquired approximately 389 million XRP tokens for about $947 million. Based on the current price of $1.86 per XRP, the value of this stake has decreased to $724 million, resulting in the significant paper loss for the firm.
(Source：Crypto Briefing)