XRP Treasury SPAC Surges Ahead of Merger

Shares of Armada Acquisition Corp. II, a SPAC taking XRP treasury firm Evernorth public, surged nearly 300% ahead of the expected Oct. 7 merger, with Evernorth expected to hold about 473 million XRP worth $714 million.

Why it matters. Investors and XRP holders are closely watching the merger, which could significantly impact the XRP market and SPAC trading.