Why XRP Isn’t Moving? Evernorth CEO Reveals the Adoption–Price Disconnect

TL;DR

• $XRP daily transactions neared 3 million, yet price failed to follow.
• Retail activity drives volume, but institutional capital is needed for price.
• Asheesh Birla says banks must use $XRP as liquidity bridge for structural demand.

The increase in usage of $XRP does not reflect in its price, and the gap is drawing attention across the market. Recent data shows that daily transactions are approaching 3 million, compared to around 1 million in mid-2025. Despite that growth, the asset’s value does not follow the same pace, raising questions about the link between adoption and price.

The explanation comes from Asheesh Birla, who leads Evernorth, a company focused on $XRP treasury operations. Birla states that current network usage comes largely from retail participants, which supports activity metrics but does not directly drive price expansion.

A commentary I’ve heard within the $XRP community this month is some version of “why is $XRP price dislodged from adoption metrics?”
Here’s my quick take: $XRP is not yet a liquidity bridge at scale. The version of $XRP that we believe could drive sustained utility demand is when…

— Asheesh Birla | CEO at Evernorth (@ashgoblue) March 20, 2026

According to his view, the market has not reached a phase where $XRP operates as a liquidity bridge at scale. In simple terms, banks and companies do not yet use the token as working capital within their daily financial processes. Without that layer of usage, structural demand capable of supporting higher prices remains limited.

Institutional Adoption Defines the Next Step for $XRP

Birla explains that the key factor is not only transaction volume, but also the type of participants using the asset. Retail activity adds volume, while institutional capital defines market depth. As a result, the gap between network usage and price reflects an early stage of institutional adoption.

The executive notes that a stronger value driver would appear once companies integrate $XRP as a liquidity tool. In such a scenario, the token would function as a bridge asset in cross-border payments and financial operations. However, that stage has not fully materialized in the current market.

At the same time, Evernorth is moving forward with a plan to position itself within that shift. The company is preparing a Nasdaq listing through a merger with Armada Acquisition Corp II. The deal aims to raise more than $1 billion, backed by firms such as Ripple, Pantera Capital, Kraken, GSR, and SBI Holdings.

Evernorth aims to build one of the largest public $XRP treasuries

Through that approach, the company seeks to attract institutional capital and strengthen the role of $XRP within financial markets.

The divergence between adoption and price also connects to how markets operate. Daily transactions show activity, while price reacts to deeper capital flows. In other words, millions of transactions can signal network growth, but they do not guarantee enough buying pressure to lift the asset’s value.

At present, the situation remains clear. $XRP shows expanding usage, but lacks large-scale institutional demand. That imbalance keeps the price contained while network activity continues to rise.

In that context, the next phase depends on larger participants entering the market. When banks and companies begin using $XRP as a liquidity tool, price behavior may start to reflect that shift.