This week, the trend in the crypto market reversed, with Bitcoin falling from around $87,000 to around $80,000, and selling pressure continued to increase. By October 10th, BTC had rebounded to around $83,000, but the overall market was still under pressure.
Ripple and XRP Ledger have released several important infrastructure updates, including a new account delegation feature, as well as progress in institutional adoption. Meanwhile, the gains recorded by Shiba Inu earlier in October were difficult to sustain, and technical indicators have weakened.
Evernorth, supported by Ripple, is scheduled to list on NASDAQ on October 12th.
According to a regulatory document, Evernorth, a digital asset treasury company supported by Ripple and focused on building with XRP as its core, has completed the merger with Armada Acquisition Corp and II.
The company is expected to begin trading on NASDAQ on Monday, October 12th, with the stock code being XRPN. This transaction will integrate Evernorth, Pathfinder Digital Assets, Ripple, Armada, as well as two merged subsidiaries. According to the transaction structure, Pathfinder and the original Armada entities have become wholly-owned subsidiaries of Evernorth.
The transaction involves approximately 473 million XRP and $300 million in cash proceeds, providing resources for Evernorth to advance its digital asset treasury strategy.
This merger is seen as a step to bring the treasury exposures focused on XRP to the attention of public market investors.
Bitcoin falls to October lows
Bitcoin fell to a low of $80,420 on October 9, then rebounded to around $83,000. As market pressure increased, U.S. authorities transferred 17,733 BTC to Coinbase Prime, with a value of approximately $1.484 billion.
This move coincided with a sharp correction in the derivatives market. Forced liquidations wiped out approximately $859 million in long positions, accounting for 86% of the total settlement amount reported in the text. US spot Bitcoin ETF also recorded a net outflow of $244.13 million during trading on Thursday, further exacerbating concerns about institutional demand.
As of October 10th, Bitcoin has rebounded from around $80,300 to a trading price of nearly $82,949. $80,000 remains an important support level, while $87,000 continues to act as a resistance.
Ripple Enable the new XRP Ledger feature
XRP Ledger has launched PermissionDelegationV1_1, a feature designed to allow enterprises to delegate specific account permissions to third-party applications without exposing the master key.
This upgrade allows enterprises to assign up to 10 roles to external applications, which may simplify the management of institutional accounts while retaining control over sensitive credentials. This feature was enabled on October 8th, coinciding with other advancements in the strategic plans of Ripple and the broader adoption of tokenization infrastructure.
Ripple also transferred 200 million XRP between its own addresses, and then sent another 20 million XRP to a new address. With the continuous advancement of network technology, these transfers have drawn attention, but these transactions alone cannot prove that the market strategy of Ripple has changed.
Market Update
Counterfeit coins
In this round of selling, XRP performed relatively strongly. On October 9th, the token remained around $1.39 to $1.40, while many other large-cap altcoins saw even deeper declines. Part of the market attention can be attributed to the institutional progress of XRP, as well as the fact that XRP's treasury company, Evernorth, is about to list on NASDAQ.
As of October 10th, XRP has fallen from around $1.50 to a trading price of nearly $1.38, which is near the 200-day moving average. The range between $1.33 and $1.40 has become an important area worth watching; to show stronger short-term momentum, it needs to break through $1.46.
Shiba Inu has also weakened. After failing to hold above $0.00000600, SHIB fell below the 200-day moving average. The token rebounded from around $0.00000510, but weak trading volume indicates that buyers have not yet regained control of the situation. Its $0.00000529 level, near the 100-day moving average, has become the immediate support level.
Market Data
- Bitcoin: On October 10th, it was reported at $82,949.
- XRP: $1.38 on October 10th
- Shiba Inu: October 10th reported $0.00000536
- Total settlement amount: On October 9th, it was 859.17 million US dollars, of which approximately 740 million US dollars were long positions.
- US spot Bitcoin ETF Capital flow: A net outflow of $244.13 million on October 8
Regulatory News
EU crypto companies face a deadline for compliance with stablecoins
The European Securities and Markets Authority (ESMA) requires crypto companies operating within the European Union to clear their stablecoin positions that do not comply with the Crypto Assets Market Regulation Act (CSAMR) by January 8, 2027.
This deadline puts pressure on exchanges and other crypto service providers to review the stablecoins they support and adjust their products. This issue is particularly relevant for platforms that serve European customers, as compliance requirements are increasingly determining which digital assets can be offered.
Viewpoint
HYPE has fallen from a record high of nearly $98 in September, but with the support of the Hyperliquid event, it remains one of the strongest large-cap crypto assets.
HYPE Will the price rebound in October?
Important Dates
- October 12: Evernorth plans to list on NASDAQ with the code XRPN
