Community Trust ScoreVerified
DefiLlama reported a 28.7% daily decline in RLUSD supply on the XRP Ledger (XRPL) on Oct. 31, 2026, leaving 707 million tokens on the chain. This sharp contraction occurred while a sampled XRP/RLUSD trading pool maintained stable reserves, with its XRP balance slipping less than 1% and its RLUSD balance increasing slightly over the same period.
Pool Reserves Remain Stable
NOSHASHI compared ledger readings for a specific XRP/RLUSD automated market maker (AMM) pool at Oct. 29, 23:59:51 UTC, and Oct. 31, 13:11:11 UTC. The later observation showed the pool holding approximately 1.87 million XRP and 2.34 million RLUSD. Between the two readings, the pool’s XRP reserve decreased by 0.7%, while its RLUSD reserve increased by 0.4%. These quantities were measured in token units rather than dollar valuation, which can fluctuate with XRP’s market price. XRP was trading near $1.25 in the Oct. 31 market snapshot.
The stability of these pool balances contrasts with the reported 28.7% drop in total XRPL RLUSD supply. According to XRPL’s AMM documentation, a larger pool generally absorbs trades with less movement in the exchange rate. Therefore, the actual balances within the pool are more relevant to a user’s execution experience than RLUSD held elsewhere on the ledger. XRP committed to such pools can also bridge between issued tokens when auto-bridging offers a cheaper route.
Order Book Depth and Execution Costs
The order book surrounding the pool showed divergent movements depending on the trade direction. For traders selling XRP to receive RLUSD, funded offers (asks) increased from 62,952.98 RLUSD at the Oct. 29 close to 98,461.88 RLUSD on Oct. 30, and further to 112,162.55 RLUSD at the Oct. 31 observation. Conversely, funded offers to buy RLUSD with XRP declined from 71,292.22 RLUSD to 40,870.63 RLUSD between the Oct. 29 and Oct. 30 closes, before recovering to 59,593.01 RLUSD by Oct. 31. This recovery remained below the initial Oct. 29 level.
NOSHASHI’s book-depth measurement examined up to 100 offers per side within 10% of the contemporaneous reference mid. At ledger 108023839, evaluated on Oct. 31 at 13:11:54 UTC, a modeled order to buy 10,000 RLUSD was estimated to cost 8,033.58 XRP, which is 0.14% above the reference mid. A modeled order to sell 10,000 RLUSD was estimated to return 8,015.85 XRP, or 0.08% below the mid. Both orders were fully fillable in the captured book, though these figures represent resting-offer estimates rather than executed trades.
The cause of the XRPL RLUSD supply decline remains unresolved. DefiLlama simultaneously showed Ethereum RLUSD supply near 1.71 billion, up 5.73% over the displayed day. These opposing chain changes do not confirm that funds migrated from XRPL to Ethereum. On the XRP Ledger, returning tokens to the issuer destroys them, reducing ledger obligations, which initiates the redemption process but does not independently prove that dollars were paid off-chain. XRPL Dashboard’s net supply measure records obligation changes rather than separate gross mint and burn totals. Ripple’s issuer-wide transparency figures as of Oct. 29 showed 2,627 million circulating RLUSD and $2,759 million in reserve funds, but these earlier figures cannot be paired with Oct. 31 chain supply as simultaneous observations. A transaction-level reconciliation identifying issuance, returns, and clawbacks is required to distinguish between inventory consolidation, net redemption, and measurement treatment.
Frequently Asked Questions
Did the XRP/RLUSD pool lose reserves matching the supply drop?
No. While XRPL RLUSD supply fell 28.7%, the sampled pool’s XRP reserve decreased by only 0.7% and its RLUSD reserve increased by 0.4% between Oct. 29 and Oct. 31.
Was the 10,000 RLUSD order fillable on Oct. 31?
Yes. At ledger 108023839, both buying and selling 10,000 RLUSD were estimated to be fully fillable in the captured order book, with execution costs deviating less than 0.15% from the reference mid.
