OneTicketOut

Crypto & markets. I post when there's something worth saying.

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XRP Ledger update – what happened on Oct 20?

Ledgers normally close every ~3.9s. On Tuesday some took up to ~50s, with two gaps of 87s and 76s without a new ledger. More gaps showed up on Oct 21, the longest ~3 min (third-party monitor https://t.co/BoH5ohsEgr).

Slower, not stopped: ledgers kept closing and payments settled, just with delays. In Feb 2025 XRPL stopped confirming for about an hour; this time it was minutes.

XRPL Operations says it is finalizing a fix release. No root cause yet. David Schwartz says slower rounds mean a thinner safety margin (a hidden bug or deliberate load) but no reason to panic.

Next on the calendar: fixCleanup3_4_0 activates Oct 23 (link to this incident unconfirmed).

Not investment advice.

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@_Crypto_Barbie Those 11.5M shares only exist if warrant holders pay $11.50 each, and they have until 2031. No exercise, no cash. Even then it can be cashless, and proceeds are "general corporate purposes", so any XRP buy from this could be a year or more away.

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Evernorth $XRPN – what do the new SEC filings mean?

On Oct 19, the registration for up to 11.5M Class A shares issuable on exercise of the public (post-SPAC) warrants became effective. One warrant = one share at $11.50, exercisable until Oct 9, 2031. If all are exercised for cash, the company receives about $132M and the share count rises by roughly 15% from ~78M shares and units (23.6M Class A + 31.4M Class C + 23.0M Pathfinder units exchangeable 1:1 for Class A or cash, at the company's election).

The company can redeem the warrants at $0.01 once XRPN trades at $18 or higher for 20 of 30 trading days, with at least 30 days' notice. Management can then require cashless exercise, in which case the company receives no cash and fewer new shares are issued.

Per the prospectus, proceeds go to "general corporate purposes," not specifically to buying XRP. Evernorth holds about 473M XRP, or about 6.07 XRP per share/unit. At $1.33 XRP that's about $8.07 per share, vs XRPN at ~$15.20.

Arrington XRP Capital holds 4.70M Class A shares (19.9%) and 29.03M non-voting Class C shares. Converting Class C to Class A is blocked by a 19.9% ownership cap tied to RippleWorks. Per the 13G, Arrington has sole voting and dispositive power over 3.50M Class A shares and shares both over 1.20M Class A shares with RippleWorks, which directs their voting (and that of all of Arrington's Class C) and must be consulted on any sale. The insider lock-up runs until about Apr 9, 2027.

Not investment advice.
Source: SEC EDGAR, https://t.co/vktEAETIZt

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@WatcherGuru Swiss BTC ETPs have traded for years, but this is the first fund under Swiss fund law holding BTC directly, and FINMA says more providers have already filed. In 2021 a crypto fund like this was for qualified investors only. Now it's open to everyone.

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@bgarlinghouse @XRP Whole of X is celebrating the new @XRP account. Official, verified, long overdue. Meanwhile XRP is sitting near $1.30. Funny how a handle gets more cheers than the chart.

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@Cointelegraph XRP ETFs: −$1.84M. ETH: −$320M. That's under 1% of ETH's outflow in a full risk-off week. XRP holders barely flinched.

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@cryptorover Weekly close $82.1K after a wick to $79.8K. $80K got defended on more volume than the week before. Now pressing $83K, and a daily close above last week's $84.35K high opens the next leg.

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@AlgoPear $655M is roughly what Evernorth's existing 473M XRP is worth at ~$1.38. This week's news was putting that treasury to work with Ripple, Kraken, Coinbase and BitGo. Yield on XRP they already hold, no new raise needed.

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Ripple's first ownership filing on Evernorth ($XRPN): a Schedule 13G filed Oct 15.

• Ripple Labs: 1,678,382 Class A shares (7.1%)
• Larsen Lam Children's Remainder Trust: 661,867 (2.8%)
• Chris Larsen (Ripple's controlling shareholder and the trust's trustee): 2,340,249 = 9.9%

The 9.9% is by design: the deal terms cap Ripple and affiliates at 9.9% of Evernorth's voting power. The excess was issued as units of Pathfinder, Evernorth's operating subsidiary. Units carry no vote but are redeemable 1:1 for Class A or cash, at Evernorth's choice.

The 13G only counts Class A. Ripple also holds 16,461,545 units, the trust 6,491,583. Total: ~25.3M of ~78.0M economic shares (Class A + non-voting Class C + units), roughly 32%.

Source: SEC 13G (Evernorth, CIK 2092592) + Oct 14 POS AM

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Fact-check: "BlackRock considering launch of an XRP ETF" (posted 3 times by one account since Oct 16, ~39K combined views, no source given).

What the primary sources show:
• SEC EDGAR full-text search for "iShares XRP" and "BlackRock XRP": 0 filings.
• EDGAR company search "iShares XRP": no matching companies.
• BlackRock's crypto funds registered on EDGAR: iShares Bitcoin Trust, Ethereum Trust, Staked Ethereum Trust, Bitcoin Premium Income ETF. No XRP fund.
• iShares' own US product list shows IBIT, ETHA, ETHB and BITA. No XRP product.

A US spot XRP ETF from BlackRock would show up on EDGAR as a registration filing. Right now there isn't one.

[OneTicketOut @OneTicketOut]

Fact-check: "BlackRock considering launch of an XRP ETF" (posted 3 times by one account since Oct 16, ~39K combined views, no source given).

What the primary sources show:
• SEC EDGAR full-text search for "iShares XRP" and "BlackRock XRP": 0 filings.
• EDGAR company search "iShares XRP": no matching companies.
• BlackRock's crypto funds registered on EDGAR: iShares Bitcoin Trust, Ethereum Trust, Staked Ethereum Trust, Bitcoin Premium Income ETF. No XRP fund.
• iShares' own US product list shows IBIT, ETHA, ETHB and BITA. No XRP product.

A US spot XRP ETF from BlackRock would show up on EDGAR as a registration filing. Right now there isn't one.

[OneTicketOut @OneTicketOut]

$XRPN homework most posts skip (Evernorth's SEC filings + Yahoo market data):

• Only ~4.8M Class A shares are held by former SPAC public holders (20.5% of 23.64M, Oct 13 8-K). Oct 12–16 volume averaged ~1.45M shares/day, about 30% of that float every day.

• The Oct 14 prospectus lists ~80M more potential Class A shares: 31.4M from Class C, 23.0M exchangeable units, 11.7M warrants ($11.50 strike), up to 3.6M from a $30M convertible note, 10.7M plan shares.

• ~11.7M PIPE shares have no lock-up but are unregistered for now. Evernorth agreed to use commercially reasonable efforts to file their resale registration within 30 days of the Oct 9 close and get it effective within 75 days, subject to SEC review.

• My math: ~473M XRP ÷ ~78M economic shares (incl. exchangeable units) ≈ 6.07 XRP/share ≈ $7.9 at XRP $1.31, vs a $15.45 close on Oct 16.

The XRP plan per the filing: institutional lending, covered calls, basis trades, DeFi lending and AMM pools. No staking.

Not bullish, not bearish. Just what's in the filings.

Source: https://t.co/T2cHnr6iHf

Disclosure: I hold $XRPN. Not financial advice.

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Brad Garlinghouse has called almost every year a "record" or "banner" year for Ripple. So I checked where $XRP traded vs its ATH ($3.84, Jan 4, 2018) each time he said it 👇

📅 Dec 2017 – "incredibly promising 2018" (−19% from its high back then)
https://t.co/v9oz9gFE69

📅 Dec 2018 – "a record year" (−91%)
https://t.co/WV3TQVZTDO

📅 Feb 2020 – "XRP outperformed BTC in 2020" (−93%)
https://t.co/lAI6UMvmvQ

📅 Jan 2021 – "a banner year for Ripple" (−93%)
https://t.co/RRiZqQxIx9

📅 Dec 2021 – "Ripple's strongest year ever" (−75%)
https://t.co/Ki1aFG07JP

📅 Jan 2022 – "our best year on record" (−84%)
https://t.co/C6Rk4uZxPH

📅 Jan 2023 – "2023 is the year we'll see a breakthrough" (−91%)
https://t.co/CS8ZapEn7E

📅 Jan 2025 – "the Trump bull market is real" (−38%)
https://t.co/Bg0lKmx5C9

📅 Nov 2025 – "an incredible year for Ripple" (−39%)
https://t.co/GBy1RHrl5v

📅 Jan 2026 – "like saying Tom Brady was just a great QB" (−46%)
https://t.co/xE7XZdemHV

📅 Feb 2026 – "Ripple's banner year, accelerating momentum" (−63%)
https://t.co/sLu1y1JFn8

Today XRP sits around $1.31, roughly −66% from ATH, almost 9 years later.

A great year for Ripple the company isn't the same as a great year for XRP holders. Brad talks about the company, not the price.

Not FUD, just data. If you're buying XRP because the CEO sounds bullish, look at the chart first.

Prices: daily closes, Yahoo Finance.

[Brad Garlinghouse @bgarlinghouse]

Proud to be ending 2017 with incredible momentum on a number of fronts!

A huge, heartfelt thank you to the amazing @Ripple team, our great partners and an incredibly supportive $XRP community.

Happy New Year and here’s to an incredibly promising 2018!

[OneTicketOut @OneTicketOut]

Brad Garlinghouse has called almost every year a "record" or "banner" year for Ripple. So I checked where $XRP traded vs its ATH ($3.84, Jan 4, 2018) each time he said it 👇

📅 Dec 2017 – "incredibly promising 2018" (−19% from its high back then)

📅 Dec 2018 – "a record year" (−91%)
https://t.co/WV3TQVZTDO

📅 Feb 2020 – "XRP outperformed BTC in 2020" (−93%)
https://t.co/lAI6UMvmvQ

📅 Jan 2021 – "a banner year for Ripple" (−93%)
https://t.co/RRiZqQxIx9

📅 Dec 2021 – "Ripple's strongest year ever" (−75%)
https://t.co/Ki1aFG07JP

📅 Jan 2022 – "our best year on record" (−84%)
https://t.co/C6Rk4uZxPH

📅 Jan 2023 – "2023 is the year we'll see a breakthrough" (−91%)
https://t.co/CS8ZapEn7E

📅 Jan 2025 – "the Trump bull market is real" (−38%)
https://t.co/Bg0lKmx5C9

📅 Nov 2025 – "an incredible year for Ripple" (−39%)
https://t.co/GBy1RHrl5v

📅 Jan 2026 – "like saying Tom Brady was just a great QB" (−46%)
https://t.co/xE7XZdemHV

📅 Feb 2026 – "Ripple's banner year, accelerating momentum" (−63%)
https://t.co/sLu1y1JFn8

Today XRP sits around $1.31, roughly −66% from ATH, almost 9 years later.

A great year for Ripple the company isn't the same as a great year for XRP holders. Brad talks about the company, not the price.

Not FUD, just data. If you're buying XRP because the CEO sounds bullish, look at the chart first.

Prices: daily closes, Yahoo Finance.

[Brad Garlinghouse @bgarlinghouse]

Proud to be ending 2017 with incredible momentum on a number of fronts!

A huge, heartfelt thank you to the amazing @Ripple team, our great partners and an incredibly supportive $XRP community.

Happy New Year and here’s to an incredibly promising 2018!

[OneTicketOut @OneTicketOut]

Evernorth just named its first institutional execution partners: Ripple, Kraken, Coinbase and BitGo.

Their job is to put the 473M XRP treasury to work in institutional strategies, not just leave it sitting there.

Three days after listing as $XRPN, the treasury is already moving from holding to working.

And tonight they ring the Nasdaq closing bell.
$XRPN

[OneTicketOut @OneTicketOut]

What the Evernorth closing 8-K actually says:

• 80.3% of SPAC shares redeemed (~$195M out)
• 126.8M XRP from Ripple, 211.3M from the Arrington fund, 50M from the Larsen trust
• Closing XRP price: $1.43
• 22.3M Class A + 32.2M Class C shares, 11.7M warrants
• XRP held at BitGo
• 6-month lock-up for Ripple, Larsen, Arrington

$XRPN trades Monday.

https://t.co/yqick1GiNQ

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@WEEX_Official USDT😁

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@Cointelegraph The bug was already fixed in xrpld 3.4.1, released on September 25. The official XRPL disclosure report from October 9 confirms there is no evidence it was ever exploited on the public network.