With the new XRP treasury firm Evernorth planning an IPO next year, a market expert has suggested that the resulting purchases could lead to an XRP supply shock. Software engineer and XRP community figure Vincent Van Code made this assertion on X while discussing the potential impact of Evernorth’s emergence on XRP price direction. Evernorth’s Decision to Purchase XRP For context, Evernorth, a new Ripple-backed company, announced on Oct. 20 that it would form a merger with Armada Acquisition Corp II, a special purpose acquisition company (SPAC) with the aim of going public under the “XRPN” ticker and raising $1 billion to create the largest XRP treasury. “You Haven’t Not Seen Supply Shock Yet” Amid the concerns, XRP community figures have insisted that the fundraising for procuring XRP on the open market would actually happen later, possibly leading to the anticipated bullish impact. For one, SBI has already announced an investment of $300 million in cash, not XRP. In his commentary, Vincent Van Code attempted to explain how Evernorth’s going public will impact XRP price. He highlighted that the next step for the new company is to go public through an IPO. The firm has already confirmed this, setting Q1 2026 for the conclusion of its merger. According to Van Code, this IPO will likely raise billions of dollars for the company. He suggests that they will leverage this cash for purchasing XRP in the open market. For context, such an event will possibly exert pressure on the existing XRP supply, which many experts believe is already declining. In such a scenario, the most logical market response is a supply shock. “You haven’t seen supply shock yet,” Van Code teased, attempting to highlight the possible extent of the large-scale purchase. According to him, the Evernorth development, which market commentator Nietzbux already believes is 100% bullish for XRP, and the launch of XRP ETFs could trigger an unprecedented supply shock in the XRP market. However, Van Code admitted that he is not sure of the timeframe.