XRP Ledger RLUSD Settlements Surge 75x to $5.08B in 18 Months

XRP News

Direct RLUSD settlement volume on the XRP Ledger climbed roughly 75-fold in about a year and a half, according to a fresh on-chain analysis of Ripple’s dollar-pegged token. Payments that moved RLUSD directly across the ledger — excluding exchange buys and sells — rose from around $68 million in December 2024 to approximately $5.08 billion in May 2026. Every one of those transfers settles as an XRP transaction and burns XRP in fees, reinforcing the token’s role as the network’s bridge asset. The data points to genuine payment demand rather than speculative churn, with large-value transfers becoming increasingly common on XRP rails.

The circulating supply story is just as striking. RLUSD held on the XRP Ledger jumped from roughly $20 million at the end of 2024 to around $800 million by late June 2026 — a near 40-fold expansion. On-chain balances show the XRP Ledger has now overtaken Ethereum as the largest host of RLUSD, carrying about 51% of total circulating supply as of June 25. That share stood at only about 17% in April, marking a rapid migration of stablecoin liquidity onto XRPL in a matter of weeks and deepening the dollar liquidity available to XRP-denominated trading pairs.

Trading share tells a parallel story. Across the ledger’s on-chain order books and automated market maker pools, transactions involving RLUSD rose from under 1% of all activity in 2024 to roughly 12% in 2026. The RLUSD/XRP pair alone recorded about $900 million in volume over the past six months, accounting for close to 90% of all RLUSD-related trading on the network. Cumulative volume through RLUSD pairs has exceeded $2.5 billion since launch, adding meaningful on-chain depth without displacing XRP’s core settlement function.

Adoption metrics reinforce the participation trend. As of June 25, on-chain data shows 45,527 accounts holding RLUSD on the XRP Ledger, with 93,898 trust lines established — the credit-line records a wallet must open before it can hold an issued asset. The gap between trust lines and active holders suggests more wallets are prepared to hold RLUSD than currently do, hinting at further headroom. Monthly RLUSD-linked transaction counts have expanded from roughly 54,000 in December 2024 to between 600,000 and 1.1 million per month in 2026, even as broader decentralized-exchange volume softened over the same window.

The mechanics of how RLUSD trades have also shifted over time. Activity initially leaned on XRP’s order books, rotated toward automated liquidity pools between early and mid-2025, then swung back to order books in 2026, where the on-chain data shows roughly 80% of RLUSD trades now clear. This round-trip illustrates how the ledger’s dual venue design — native order books alongside AMM pools — lets liquidity find the most efficient route. Because RLUSD swaps and transfers are processed as XRP transactions, the growing stablecoin activity simultaneously generates volume, deepens liquidity, and consumes XRP through transaction fees.

The disclosures around the source warrant scrutiny. The investment firm behind the analysis holds approximately 473 million XRP and has openly stated it has a direct financial interest in both a higher XRP price and wider RLUSD adoption. Ripple, RLUSD’s issuer, is a strategic investor in that firm and previously supplied XRP to its predecessor entity. The firm is pursuing a public listing through a business combination with Armada Acquisition Corp. II, a process not yet completed as of late June, meaning its securities are not yet publicly traded. The figures were self-compiled from Dune Analytics data and have not undergone third-party audit.

COINOTAG’s proprietary 42-indicator composite scoring engine rates the $1.0584 resistance at 77/100, driven by the confluence of the R2 pivot and the prior-day high, with a firmer ceiling at $1.0978 scored 69/100 from the HVN and Fibonacci 0.114 cluster. On the downside, the engine scores $1.0277 support at a strong 83/100, anchored by the S1 pivot and prior-day low, backed by $0.9942 at 72/100. With spot near $1.0444, an RSI of 32.67 and a bearish MACD confirm the prevailing downtrend, while a Fear & Greed reading of 11 signals extreme fear. Derivatives show a modest positive funding rate of 0.0030%, $635 million in open interest and a crowded 75% long positioning — a setup vulnerable to a squeeze. A daily close below $0.9942 would invalidate the bullish case.