u.today
According to recent data provided by analytics platform Santiment, the $XRP token has managed to defy fear, uncertainty, and doubt (FUD) within the retail sector.
After the price of the token recently experienced a severe drop, retail investors expected the price to continue falling, thus selling at a loss.
However, the $XRP price moved against retail sentiment, recently surpassing the $2.5 mark for the first time in more than a week.
Right before the recent price surge, the ratio of positive vs. negative comments hit its lowest point in roughly nine months.
Evernorth catalyst
$XRP's recent price recovery comes after Ripple-backed health services company Evernorth announced that it was raising a total of $1 billion via a public listing, with Japanese financial behemoth SBI Holdings being among its key backers.
The funds will be primarily used for setting up an $XRP treasury by buying the Ripple-linked token on the open market.
The tokens will also be used for various yield-generation strategies in order to amplify returns.
However, the jaded market is already blase about $XRP treasury firms, which is why the price action is rather muted despite the sheer bullishness of the announcement.
While $XRP is doing slightly better than the broader market, the token is still down by 0.5%.