Ripple-Backed Evernorth Faces $230M Unrealized Loss on XRP Holdings

• Evernorth faces $230M unrealized loss on 388M XRP amid price declines.
• The firm keeps XRP holdings despite prices below $2.40–$2.50 cost basis.
• Backed by Ripple and partners, Evernorth plans to be the largest institutional XRP treasury.

Ripple-backed Evernorth is facing about $230 million in unrealized losses on its XRP holdings, according to on-chain data. The losses followed a steady decline in XRP prices after large purchases in October. 

Large XRP Position Remains Unchanged

Evernorth currently holds about 388.7 million XRP, according to wallet-level data by CryptoQuant. Most of the accumulation occurred in October, when several large inflows sharply increased the balance. Following that period, the wallet balance stabilized and has shown minimal change through November and December.

Meanwhile, the absence of outflows indicates that Evernorth has not red…

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