XRP’s circulating market capitalization has fallen by approximately $61.14 billion over the past year, even as Ripple-backed Evernorth begins trading on Nasdaq under the ticker XRPN. CoinMarketCap historical data place XRP at a $143.38 billion market value and $2.3906 on Oct. 19, 2025, compared with $82.24 billion and $1.3027 one year later. Circulating supply increased from 59.98 billion to 63.13 billion XRP, meaning the price decline was partly offset by additional tokens.
The year-over-year figures represent a 42.6% decline in circulating market capitalization and an approximately 45.5% fall in XRP’s price. CoinMarketCap’s Oct. 20 reading placed XRP near $1.29. The $61.14 billion reduction is a change in market valuation, not $61.14 billion of investor capital withdrawn from XRP.
Evernorth completed its business combination with Armada Acquisition Corp. II on Oct. 9 and began Nasdaq trading on Oct. 12, holding roughly 473 million XRP and $300 million in gross cash proceeds. XRPN initially reached $19.39 before retreating toward $17 during its first session. The company plans to deploy part of its holdings through lending, liquidity provision and other institutional uses, identifying Ripple, Kraken, Coinbase and BitGo as execution partners, with treasury strategies expected in Q4. No expected returns or token allocations were disclosed. Evernorth’s Nasdaq debut does not establish a causal relationship with XRP’s year-long decline; rather, the two developments illustrate different dimensions of the ecosystem.
