Momentum around XRP picked up again this week after Ripple-backed Evernorth unveiled plans to go public via a SPAC and use the proceeds to build what it calls the world’s leading institutional XRP treasury . However, there have been questions as to how much of the altcoin is actually being purchased by the company.

Evernorth’s upcoming Nasdaq listing through a merger with Armada Acquisition Corp. II is expected to raise over $1 billion , but there are questions regarding how much of that capital will go toward open-market purchases of the token versus in-kind contributions.

Confusion Over Evernorth’s XRP Structure

A post on the social media platform X from an account named ScamDetective added to the uncertainty. The user claimed that “most of the XRP in Evernorth will

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