XRP continues to demonstrate its familiar pattern of dropping when positive developments occur. On September 30, that trend surfaced once more when the Evernorth shareholder vote successfully passed, removing the final significant obstacle for the company’s anticipated Nasdaq listing under the ticker XRPN. Despite the milestone, the price of XRP dropped.
Trading at $1.48, XRP is down nearly 1% compared to yesterday. Prominent attorney and XRP supporter Bill Morgan highlighted this behavior on X, stating: “Evernorth vote passed. $XRP price fell. Sounds like a normal day for XRP.”
Evernorth vote passed $XRP price fell.
Sounds like a normal day for XRP— bill morgan (@Belisarius2020) September 30, 2026
The Evernorth Vote
Through its planned merger with Armada Acquisition Corp. II, Evernorth aims to establish a publicly traded digital asset treasury dedicated to actively managing XRP reserves in order to increase value per share over time. The September 30 ballot represented the final hurdle remaining before the company makes its debut on the Nasdaq.
Backed by more than $1 billion in committed capital, the venture draws support from notable entities like Ripple, Arrington Capital, SBI Group, Panther Capital, Kraken, and GSR. This vote marks a major milestone in the institutional journey of XRP.
Establishing a publicly traded XRP treasury on the Nasdaq provides investors with direct equity exposure through regulated public markets, which is a substantial step forward. Yet, market activity on the day of the vote reflected an entirely different trend.
XRP’s Recurring Price Disconnect
This recurring trend is well-established. Back in August, Jeonbuk Bank launched Ripple Payments for cross-border remittances, becoming the first South Korean regional bank to do so. Around that same period, XRP dropped below the $1 mark. Well-known cryptocurrency investor Crypto Bitlord voiced his annoyance over the downward price movement, remarking, “I’m slowly starting to hate this coin.”
That sentiment struck a chord across the community, as numerous long-term investors shared their irritation that favorable institutional milestones repeatedly fail to stimulate positive price action.
Responses From the Community
Replies to Morgan’s social media post showcased various viewpoints. While one user cited the traditional trading maxim to buy the rumor and sell the news—implying the price drop was entirely expected—another blamed broader market mechanics, claiming that free markets are an illusion and that XRP investors are observing intentional market manipulation.
We are on X, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) June 15, 2025
Conversely, one community participant maintained a positive outlook, expressing confidence that XRP backers will ultimately prevail. Another participant encouraged holders to maintain a long-term perspective, asserting that the materialization of institutional adoption is what truly counts, whereas short-term price fluctuations remain mere noise.
A Pattern That Keeps Repeating
The successful outcome of the Evernorth vote stands as an undeniable positive for XRP. A publicly listed treasury holding 473 million XRP, supported by leading institutional backers and bound for the Nasdaq, represents a major triumph for the digital asset. Naturally, frustration builds when tangible progress fails to translate into immediate price gains.