XRP (Ripple) rebounded. This came after shareholders approved the merger between Evernorth, an XRP treasury company backed by Ripple, and Armada Acquisition Corp. II. The vote is seen as clearing a major hurdle in Evernorth's push to list on the Nasdaq.

According to crypto media outlet CoinGape, XRP fell sharply during trading on September 30 (local time) before recovering as news of the merger vote results spread. Once the merger is completed, Evernorth plans to launch a publicly listed XRP treasury company trading on the Nasdaq under the ticker 'XRPN'.

Volatile XRP Rebounds on Vote Results

CoinGape reported that ahead of the vote, XRP dropped below $1.47, but later rose about 1.89% to trade around $1.51 at the time of writing.

XRP prices swung sharply that day. According to the price movements reported by CoinGape, XRP climbed to $1.55 early in the session before reversing course. It then mostly moved between $1.48 and $1.50 for several hours, before recovering to $1.51 as buying pressure returned. Around midday, the upward trend continued, pushing XRP up to $1.54, but the gains did not last long. XRP soon returned to around $1.50, found support below that level, and then recovered again.

CoinGape reported that recent price movements show XRP rebounding toward $1.51, with buyers apparently entering the market after the earlier weakness. According to CoinGape, the main catalyst for this XRP price rebound was the news that Armada shareholders approved the merger with Evernorth.

"Merger Vote Passed"

Bear Champ, an XRPL contributor, announced the vote results on X. Bear Champ said, "I listened to the Armada-Evernorth merger vote, and it passed."

According to CoinGape, this vote result marks an important step for Evernorth. Evernorth aims to build a large-scale corporate XRP treasury asset in the form of a publicly listed company. The proposed deal is expected to include more than 473 million XRP. CoinGape reported that if the remaining closing conditions are satisfied, the merged company is set to trade on the Nasdaq under the ticker 'XRPN'.

Remaining Steps to Nasdaq 'XRPN' Listing

However, this vote does not directly change the XRP balances held by individual holders. CoinGape explained that this merger initiative is structured to lead to the creation and growth of a company holding XRP on a large scale.

Going forward, attention is expected to focus on the official confirmation of the vote results and the remaining procedures needed to finalize the merger, according to CoinGape.

[This article is by no means investment advice. The content may only reflect opinions, so please do not use it as a reference or material for investment decisions. All investments are made at the individual's own discretion, and the final responsibility lies with the investor. This publication assumes no responsibility whatsoever.]