XRP’s Next Earthquake: Billions Set To Flow In, ‘Supply Shock’ Coming—Analyst

Evernorth, a Ripple-backed treasury firm, is set to merge with Armada Acquisition Corp II, planning to trade under the XRPN ticker. This special purpose acquisition company (SPAC) deal aims to raise $1 billion for a large XRP treasury. Ripple and co-founder Chris Larsen have already contributed XRP to this initiative. Reports indicate Evernorth has secured $1 billion worth of XRP, with the merger expected to finalize in the first quarter of 2026. Initial contributions were made in XRP, not cash, meaning immediate upward pressure on exchange order books was avoided. Future cash injections, like SBI's pledged $300 million, could be used for outright XRP purchases. Analyst Vincent Van Code suggests the upcoming Initial Public Offering (IPO) could introduce billions in new cash. If these IPO funds are later used to buy XRP on the open market, a significant "supply shock" might occur due to tightened supply. This sequence of events—cash raised first, then market purchases—is crucial for potential price impacts. Some commentators view these developments as strongly bullish for XRP's future. Developers and analysts increasingly see XRP not just as a payment bridge but also as a treasury asset within the XRP Ledger ecosystem, aligning with ideas of self-custody and on-ledger utility championed by Ripple's CTO.