[Digital Today reporter Yoonseo Lee (이윤서)] XRP showed weaker performance than major cryptocurrencies even after Ripple-backed Evernode Holdings listed on Nasdaq.

On Oct. 13 (local time), blockchain media outlet U.Today reported that XRP fell 3 percent over the past 24 hours to $1.37. Its market capitalisation was about $86.4 billion.

XRP fell more than major tokens over the same period. Bitcoin fell 1 percent and Ethereum slipped 0.5 percent. Despite the positive news of Evernode's listing, there was no reaction strong enough to lift XRP's price.

Evernode Holdings completed its merger with Armada Acquisition Corp II on Oct. 9 and began trading on Nasdaq on Oct. 12 under the ticker XRPN. It said it currently holds about 473 million XRP and that cash inflows, excluding transaction costs, were about $300 million.

Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken and GSR, among others, participated as investors in Evernode. Because its core business is focused on holding and managing XRP, it was viewed as an event with a more direct connection to XRP than typical Ripple-related corporate news.

The stock fell on its first day of trading. XRPN traded around $19.38 early in the session but ended at $16.91.

Supply and demand dynamics were cited as a reason XRP did not rebound on the listing news. Most of Evernode's holdings consist of existing investor contributions and past purchases. Because it did not newly buy 473 million XRP on the market at the time of listing, the listing itself was not seen as leading to fresh buying pressure, the report said.

In the past, there were cases in which major Ripple-related contracts, acquisitions or regulatory news did not immediately translate into a rise in XRP's price. This time, Evernode's business is based on holding XRP itself, raising expectations of a more direct impact, but the actual price moves were different.

Attention is expected to shift to Evernode's fund management and whether it makes additional XRP purchases, rather than the listing itself. So far, it is seen that the listing news alone has not triggered new buying interest that could change XRP supply and demand.