Key takeaways
- XRP circulating market value drops $61.14 billion annually
- Evernorth enters Nasdaq holding approximately 473 million XRP
- Rising token supply partly offsets XRP's price decline
XRP has lost approximately $61.14 billion in circulating market capitalization over the past year, a 42.6% decline that coincides with Ripple-backed Evernorth Holdings entering Nasdaq with one of the largest publicly traded XRP treasuries.
Historical market snapshots for October 19 show XRP's circulating market value falling from $143.38 billion in 2025 to $82.24 billion in 2026. Its price declined approximately 45.5%, from $2.3906 to $1.3027, despite expanding institutional activity around the XRP ecosystem.
The comparison is particularly relevant to Evernorth, which completed its business combination on October 9 and began trading under the ticker XRPN on October 12, holding approximately 473 million XRP.
XRP Market Capitalization Falls $61 Billion Despite Growing Supply
XRP's decline reflects a substantial reduction in token prices rather than shrinking circulating supply.
The number of XRP counted as circulating increased from approximately 59.98 billion to 63.13 billion over the measurement period, an expansion of 3.15 billion tokens.
Because circulating market capitalization multiplies price by supply, the additional tokens partially offset the effect of the falling price.
The decline follows an earlier contraction in XRP's crypto market share, which fell from approximately 5% in July 2025 to 3% in October 2026.
Importantly, the $61.14 billion reduction represents a change in circulating market valuation, not an equivalent amount of money withdrawn by investors.
Evernorth's 473 Million XRP Treasury Faces New Market Test
According to Evernorth's October 9 announcement, the company completed its merger with Armada Acquisition Corp. II and entered public markets holding approximately 473 million XRP alongside $300 million in gross cash proceeds.
The transaction originally targeted more than $1 billion in combined financing and XRP contributions. However, the company adjusted its equity structure after XRP's price declined from the approximately $2.36 level used when the deal was negotiated.
Those revised transaction terms were intended to better align shareholders' ownership percentages with the underlying treasury valuation.
Evernorth's Nasdaq debut was volatile. XRPN initially climbed to $19.39 before retreating toward $17 during its first trading session.
However, Evernorth shareholders own equity in an actively managed company, not individually redeemable XRP tokens.
Evernorth Plans to Generate Yield From Its XRP Holdings
Evernorth intends to pursue returns beyond potential XRP price appreciation.
In an October 14 announcement, the company named Ripple, Kraken, Coinbase and BitGo as institutional execution partners, with treasury deployment strategies expected to begin during the fourth quarter.
The proposed arrangements include lending, liquidity provision and other institutional activities. The company has not disclosed expected returns or specific token allocations.
These plans distinguish Evernorth's treasury strategy from simply holding XRP on a corporate balance sheet.
Its broader approach also reflects how public companies increasingly view XRP as collateral and deployable capital rather than only a speculative investment.
