Ripple-Backed Evernorth Crashes Over 23% as Insiders Get Cleared to Sell

Evernorth Holdings (Nasdaq: XRPN), the Ripple-backed XRP treasury company, fell 23.5% to $7.96 on Nov. 10 after a final prospectus filed with the SEC cleared the resale of up to 73.7 million shares held by insiders. The filing, dated Nov. 9, lifted restrictions that had previously limited when early holders could exit their positions. The drop matters because Evernorth is one of the largest corporate holders of XRP, and its equity is increasingly viewed as a leveraged proxy for the token, so insider selling can amplify moves in the stock. Investors will watch whether the newly unlocked shares are absorbed without further pressure on the share price and how Evernorth's XRP treasury strategy evolves.