U.S. spot XRP exchange-traded funds took in roughly $22.65 million of net inflows on September 25, according to Bitzo, pushing cumulative inflows to about $1.79 billion. The money keeps trickling in even as XRP itself sits still, and the next real test for the XRP-adjacent trade comes Tuesday, when Evernorth and Armada Acquisition Corp. II put their proposed combination to a shareholder vote.
ETF money keeps coming
The September 25 haul is unspectacular in isolation. What matters is the total: roughly $1.79 billion in cumulative net inflows into U.S. spot XRP products, per Bitzo. For a fund category that didn't exist until recently, that's a real base of demand — and it's been built on days when XRP's price has done almost nothing.
That's the interesting part. Flows and price have decoupled. The buyers aren't chasing a rally; they're allocating regardless of where spot trades.
The Evernorth vote
Tuesday is the concrete date on the calendar. Evernorth and Armada Acquisition Corp. II — a blank-check company — are due to put their proposed transaction to shareholders on September 30. If it clears and closes, the combined company is expected to list on Nasdaq under the ticker XRPN and run an XRP-focused treasury, according to the SEC filing.
That's a corporate structure, not a fund. A treasury vehicle holding XRP on a U.S. exchange is a different animal from an ETF wrapper, and the vote is the gate everything else sits behind. Approval isn't completion — the deal still has to close.
On the ledger side
Away from the capital markets, the XRP Ledger Foundation released xrpld version 3.4.0 on September 17, bringing LendingProtocolV1_1 to the ledger. It's a protocol upgrade, not a headline event, but it puts lending functionality into the core software that node operators run. The kind of thing that only shows up in price if people actually build on it.
Where XRP is trading
XRP was near $1.48 on September 28, below its closest hourly resistance and stuck inside a narrow band. The 20-hour EMA sat at $1.49 — just above spot — which makes that level the first thing bulls need to reclaim.
Momentum is flat. The 14-period RSI on the one-hour chart read 54.88 as of September 29, and the daily RSI was 56.71, both neutral, according to CoinLore's technical data. The one-hour MACD printed at -0.003491 against a -0.005051 signal line, classified as neutral with no clear buy or sell signal. Hourly Bollinger Bands ran from $1.47 to $1.52, with price inside both boundaries.
Support stacks below: $1.49, then $1.45, then $1.41. Crypto Daily flagged the $1.45–$1.50 area on September 28 as the immediate support zone. Overhead, $1.53 and $1.55 are the strong hourly resistances, with $1.60 only relevant after a sustained break above $1.55. None of that is close right now.
The vote is Tuesday. If it passes, the Nasdaq listing process for XRPN becomes the next thing to watch — and if it doesn't, the XRP treasury trade loses its most visible public-market vehicle.
