Ripple-Backed Evernorth Plunges 40% as Insiders Move to Sell 73.7 Million Shares

Ripple-backed XRP treasury company Evernorth Holdings (XRPN) is under extreme pressure as its shares have declined by over 40% while big investors like Ripple Labs move closer to potentially selling millions of shares. Earlier this week, Evernorth filed a prospectus with the U.S. Securities and Exchange Commission (SEC), indicating that the XRP-focused company has registered a whopping 73,688,162 Class A shares for potential resale by existing shareholders. Evernorth's prospectus comes as the XRP-focused company is enduring a brutal stock market debut. XRPN began trading on Nasdaq on Oct. 12. On Nov. 10, Evernorth's stock price dropped 23.54%. XRPN ended the day at $7.96, compared to $10.41 in the previous trading session. Moreover, about 1.39 million shares were traded, which is a significant jump from about 369,000 shares on Nov. 9.

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