Important points
- Evernorth’s XRP holdings decreased by $95 million in 2.5 weeks.
- The company’s initial purchase of 389 million XRP is currently facing unrealized losses amid the market downturn.
Evernorth Holdings, an XRP-centric financial entity with strong ties to Ripple executives, has seen the value of its XRP portfolio disappear by nearly $100 million since the company began accumulating the digital asset in late October.
According to CryptoQuant analysis, Ripple-backed companies purchased approximately 389 million XRP for approximately $947 million.
At the time of writing, XRP is trading at more than $2, valuing Evernorth’s holdings at more than $850 million, meaning it has unrealized losses of more than $95 million.
Ripple’s native crypto asset, XRP, has plunged about 24% over the past 30 days amid a market-wide correction that saw Bitcoin drop below $100,000 for the first time since June.
The decline continues despite recent positive developments, including Ripple raising $500 million in funding from top institutional investors.
