Ripple-backed Evernorth Holdings (NASDAQ: XRPN), the largest publicly traded company by XRP treasury, began trading on Nasdaq on October 12. It opened at $19.38 and closed at $16.91 on its first day, down 1.05%. The company previously completed its business combination with Armada Acquisition Corp. II on October 9. Evernorth currently holds approximately 473 million XRP tokens, valued at about $648 million at current prices, and announced it received approximately $300 million in gross cash proceeds. Despite the highly anticipated Evernorth listing, XRP has fallen 3% in the past 24 hours to $1.37, with a market capitalization of approximately $86.4 billion. This performance lags behind Bitcoin, which fell 1% in the same period, Ethereum, which fell 0.5%, and the overall crypto market's 2.8% decline.