During the October 3 XRP Seoul gathering, XRP Asia outlined its regional strategy, uniting Ripple leadership and representatives from South Korean financial institutions to converse about tokenized deposits and cross-border settlements. Concurrently, the price of XRP dropped 3.22% over a 24-hour window to rest at USD 1.48, pressured by rising exchange liquidity and a contraction in trader leverage.
XRP Asia Presents Regional Plans at Seoul Event
The Grand Hyatt Seoul hosted the XRP Seoul conference on October 3, where XRP Asia made its debut. President Sabrina Tachdjian—who previously served as the vice president of fintech and payments at the Hedera Foundation—appeared alongside Ripple representative Tatsuya Kohrogi to outline the group’s objectives. The organization seeks to foster developer growth and drive the expansion of the XRP Ledger throughout Asia.
The lineup of official speakers featured delegates from Woori Bank, Kakao Bank, Kbank, and JB Bank. Discussions centered on cross-border transactions and tokenized deposits, with the latter defined as a digital representation of a bank balance on a blockchain, giving financial institutions innovative mechanisms for handling and moving funds.
Organizers clarified that attendance “does not in itself establish any partnership, affiliation, or cooperative relationship between the participating parties.” Observers were advised to consult official press releases to confirm any formal alliances among the entities involved.
Although the gathering united financial executives with blockchain developers, reporting from the venue revealed no commitments regarding new XRP Ledger deployments or specific pilot launch dates. XRP Asia concentrated its messaging on regional ecosystem building, leaving exact timelines and programs unannounced.
XRP Price Falls as Exchange Supply Increases
Following its downward movement, XRP hovered near the floor of the USD 1.48–USD 1.50 support band. Immediate overhead resistance was marked at USD 1.54, with USD 1.45 serving as the lower swing threshold. The asset continued to trade beneath resistance while the Seoul conference took place.
Metrics from cryptocurrency exchanges previously pointed to a surge in accessible XRP inventory. Data from CryptoQuant showed the Binance XRP Scarcity Index dipping to roughly -0.94, marking its lowest point since January 2025. The data platform noted that “Supply available on Binance has become relatively more abundant.”
Figures provided by CryptoQuant also indicated that open interest for XRP on Binance fell to USD 521.5 million on September 29. This represented a 15.3% retreat from the six-month peak of USD 616.1 million reached on September 22, wiping out roughly USD 94.6 million in outstanding derivatives contracts over that timeframe.
Open interest tracks the aggregate worth of active futures contracts, meaning a decline points to traders unwinding positions and lowering their risk exposure. In addition, broader market analyses attributed XRP’s sluggish weekly returns to capital rotating toward alternative smaller-cap assets like Sui and Hedera, which posted more robust gains.
Evernorth Expects Nasdaq Trading to Begin October 8
The upcoming corporate milestone for the ecosystem is Evernorth’s anticipated introduction on the Nasdaq. The firm announced on October 1 that investors in Armada Acquisition Corp. II voted to greenlight their pending merger during a September 30 ballot, with the deal projected to finalize on October 7.
Once finalized, the newly merged entity anticipates that its Class A common stock will commence trading on the Nasdaq under the ticker symbol “XRPN” starting October 8. This timeline remains contingent upon meeting or waiving final closing criteria. Evernorth’s backers feature prominent entities such as Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken, and GSR.
The business combination is projected to pull in roughly USD 300 million in gross cash proceeds, with backers contributing direct allocations of XRP alongside traditional funding. Upon completion of the merger, Evernorth anticipates managing a treasury of approximately 473 million XRP.
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