XRP Gains Momentum as Evernorth SPAC Surges and Bulls Eye $1.90

XRP is starting the week with renewed momentum as investors watch two major developments at once: improving price action and the upcoming public-market debut of an XRP-focused treasury company.

XRP was trading around $1.52 on Monday, extending a recovery that has been building since mid-September. At the same time, shares of Armada Acquisition Corp. II, the SPAC preparing to merge with XRP treasury company Evernorth, surged dramatically ahead of the expected transaction closing.

The combination is putting XRP back in focus as both crypto traders and traditional-market investors look for new ways to gain exposure to the asset.

The move comes during a broader recovery across major cryptocurrencies.

For context, see our Bitcoin rally analysis and our Ethereum outlook.

Evernorth SPAC Surges Ahead of XRP Treasury Merger

Armada Acquisition Corp. II, trading under the ticker XRPN, jumped roughly 273% over the week, closing Friday at $39.42 after gaining about 68% in a single session.

The stock briefly reached approximately $53, compared with just $10.58 a week earlier.

Further gains followed in pre-market trading Monday as investors positioned ahead of the expected merger with Evernorth.

Evernorth expects the transaction to close on October 7, subject to the remaining deal conditions.

Armada is a special purpose acquisition company, commonly known as a SPAC. These companies raise capital through a public listing and later merge with a private business, effectively providing that company with a route into public markets.

The unusual share-price move is partly connected to the structure of the deal.

Armada held approximately $241.2 million in trust at the end of June, with a redemption value of roughly $10.49 per public share. Current transaction figures suggest that only around $48 million of that trust capital may remain after shareholder redemptions.

Heavy redemptions can leave relatively few shares available for public trading. When the available float becomes small, comparatively modest buying or selling can produce very large price moves.

That helps explain why XRPN can trade far above the value originally held in the SPAC trust.

Evernorth Plans a Major XRP Treasury

The merger is attracting particular attention because of Evernorth’s planned XRP holdings.

The company expects to hold approximately 473 million XRP when the transaction closes.

At an XRP price near $1.51, that position would be worth around $714 million.

The financing package also includes approximately $300 million in gross cash proceeds before expenses, combining private placements, convertible notes and remaining trust capital from Armada.

Some backers have also contributed XRP directly.

However, the treasury strategy is not without risk.

Evernorth previously spent approximately $214 million acquiring 84.4 million XRP at an average price near $2.54. At current market levels, that position would be worth substantially less.

That illustrates one of the central risks facing crypto treasury companies: they can provide investors with indirect exposure to digital assets, but their balance sheets can also become highly sensitive to crypto price swings.

XRP Price Holds Above Major Moving Averages

Away from the SPAC story, the technical setup for the XRP price has also improved.

XRP was trading around $1.525 on Monday, holding above its 50-day, 100-day and 200-day exponential moving averages.

Those averages are clustered between approximately $1.33 and $1.40, giving bulls an important support zone below the current price.

The Relative Strength Index was near 59, suggesting positive momentum without reaching levels typically associated with an overbought market.

Meanwhile, the MACD remained slightly negative but was beginning to flatten, indicating that momentum may be stabilizing rather than deteriorating.

Together, those indicators suggest XRP remains in a constructive short-term structure, although a stronger breakout is still needed.

XRP Bulls Face $1.67 Before the $1.90 Target

The next major resistance level sits near $1.67.

A sustained break above that area would put the stronger $1.90 resistance zone into focus.

That level is likely to be more difficult to clear and would require continued buying pressure across both XRP and the wider crypto market.

On the downside, initial support sits close to the 50-day EMA around $1.395.

Additional support can be found near $1.38 and $1.33, with the psychological $1.30 area providing another level for traders to watch.

A break below that cluster would weaken the current bullish structure, while holding above it would leave the broader recovery intact.

XRP Benefits From a Stronger Crypto Market

XRP’s latest move is also being helped by improving sentiment across digital assets.

Bitcoin, Ethereum and XRP have all posted multi-week gains since September, although each asset is now approaching important resistance.

Bitcoin is attempting to establish itself above the $87,000 area, while Ethereum is trading above $2,700 after a particularly strong third quarter.

That broader backdrop matters for XRP.

Individual catalysts such as the Evernorth merger can attract attention, but sustained upside is generally easier when capital is flowing into the crypto market as a whole.

What Comes Next for XRP?

XRP now has several catalysts developing at the same time.

The Evernorth merger could increase institutional attention around XRP treasury strategies, while improving technical momentum has brought the $1.67 and $1.90 resistance zones back into focus.

At the same time, the extreme move in Armada’s SPAC shares is a reminder that listed crypto treasury vehicles can behave very differently from the digital assets they hold.

For XRP itself, the clearest near-term signal would be a sustained move above $1.67.

If bulls can establish support beyond that level, $1.90 becomes the next major technical target. If momentum fades, the $1.30 to $1.40 region remains the key support area to watch.