Crypto markets reversed course during the week, with Bitcoin falling from the $87,000 area toward $80,000 as selling pressure intensified. By Oct. 10, BTC had recovered to around $83,000, but the broader market remained under pressure.

Ripple and the XRP Ledger delivered several important infrastructure updates, including a new account-delegation feature and developments in institutional adoption. Shiba Inu, meanwhile, struggled to maintain its early-October gains as technical indicators weakened.

Ripple-backed Evernorth scheduled for Nasdaq listing on October 12

Evernorth, the Ripple-backed company building an XRP-focused digital asset treasury, has completed its merger with Armada Acquisition Corp. II, according to a regulatory filing.

The company expects to begin trading on Nasdaq under the ticker XRPN on Monday, Oct. 12. The transaction brings together Evernorth, Pathfinder Digital Assets, Ripple, Armada and two merger subsidiaries. Under the deal structure, Pathfinder and the former Armada entity became wholly owned subsidiaries of Evernorth.

The transaction is associated with approximately 473 million XRP and $300 million in cash proceeds, providing Evernorth with resources to pursue its digital asset treasury strategy.

The merger represents a step toward bringing XRP-focused treasury exposure to public-market investors.

Bitcoin slides to October Low

Bitcoin fell to an October low of $80,420 on Oct. 9 before recovering toward $83,000. U.S. authorities transferred 17,733 BTC, worth about $1.484 billion, to Coinbase Prime as market pressure mounted.

The move coincided with a sharp derivatives-market correction. Forced closures wiped out approximately $859 million in long positions, accounting for 86% of total liquidations reported in the article. U.S. spot Bitcoin ETFs also recorded $244.13 million in net outflows during Thursday's session, adding to concerns about institutional demand.

By Oct. 10, Bitcoin had bounced from around $80,300 and was trading near $82,949. The $80,000 level remained an important support area, while $87,000 continued to act as resistance.

Ripple activates new XRP Ledger feature

The XRP Ledger introduced PermissionDelegationV1_1, a feature designed to let businesses delegate specific account permissions to third-party applications without exposing their master keys.

The upgrade allows firms to assign up to 10 roles to external applications, potentially simplifying institutional account management while preserving control over sensitive credentials. Its activation on Oct. 8 came amid other developments involving Ripple's institutional strategy and the broader adoption of tokenization infrastructure.

Ripple also moved 200 million XRP between its own addresses before sending 20 million XRP to a new address. The transfers attracted attention as the network's technical upgrades continued, although the transactions alone did not establish a change in Ripple's market strategy.

Market update

Altcoins

XRP showed relative resilience during the sell-off. On Oct. 9, the token held around $1.39 to $1.40, while many other large-cap altcoins suffered steeper losses. Part of the market's attention can be attributed to XRP's institutional developments and the approaching Nasdaq debut of Evernorth, an XRP treasury company.

By Oct. 10, XRP had fallen from the $1.50 area and was trading near $1.38, around its 200-day moving average. The $1.33 to $1.40 range became an important area to watch, with a move above $1.46 needed to demonstrate stronger short-term momentum.

Shiba Inu also weakened. SHIB fell below its 200-day moving average after failing to hold above $0.00000600. The token rebounded from around $0.00000510, but weak volume suggested that buyers had not yet regained control. Its 100-day moving average near $0.00000529 emerged as immediate support.

Market data

  • Total liquidations: $859.17 million on Oct. 9, including approximately $740 million in long positions

  • U.S. spot Bitcoin ETF flows: -$244.13 million on Oct. 8

Regulation news

EU crypto firms face deadline for noncompliant stablecoins

The European Securities and Markets Authority (ESMA) is requiring crypto firms operating in the EU to close positions in stablecoins that do not comply with the Markets in Crypto-Assets Regulation (MiCA) by Jan. 8, 2027.

The deadline adds pressure on exchanges and other crypto service providers to review their supported stablecoins and adjust their offerings. The issue is particularly relevant for platforms serving European customers, where compliance requirements increasingly shape which digital assets can be offered.

Opinions

HYPE has pulled back from its September record near $98, but the token remains one of the strongest large-cap crypto assets, supported by rising Hyperliquid activity.

Important dates

Oct. 12

Evernorth's planned Nasdaq listing under the XRPN ticker.