Evernorth, the world's largest XRP treasury firm backed by Ripple, has issued a report highlighting a significant tightening of XRP supply as long-term holders increasingly accumulate the digital asset. The analysis, released on April 22, 2026, reveals a structural shift in market dynamics that could amplify future price movements.
Massive Exchange Outflows
According to Evernorth, nearly 7 billion XRP were withdrawn from exchanges in February 2026, marking the largest monthly outflow since November 2025. This withdrawal wave has reduced the amount of XRP readily available for sale, as traders typically move assets to private wallets when planning to hold long-term. Exchange balances are a key indicator of investor intent, with outflows signaling accumulation rather than short-term distribution.
Growing Long-Term Holder Base
Evernorth data shows that the number of addresses holding between 1,000 and 100,000 XRP has reached a record 1.1 million, indicating participation is broadening beyond large investors into a resilient mid-sized holder base. Additionally, large holders added an average of 11 million XRP per day in early April, reflecting consistent buying pressure and a strong inclination toward long-term positioning.
SEC Filing and Nasdaq Listing Plans
In a related development, Evernorth revealed it has filed a Form S-4 registration statement with the U.S. Securities and Exchange Commission (SEC) to list on the Nasdaq Stock Market. This filing is part of its planned business combination with Armada Acquisition Corp. II, and the firm would trade under the ticker XRPN upon approval. This move aims to further institutional adoption of XRP.
Market Implications
Evernorth notes that while these trends do not guarantee immediate price increases, reduced sellable inventory can amplify price reactions over time, especially during periods of increased demand. The combination of shrinking exchange supply and expanding long-term holder base creates a potential supply crunch that could support significant upside if demand persists.
