XRP Ledger RLUSD Supply Overtakes Ethereum at $801.79M

XRP News

The XRP Ledger now hosts more circulating RLUSD than Ethereum for the first time, a milestone for Ripple’s dollar-backed stablecoin. On-chain tracker data shows roughly $801.79 million of RLUSD on the XRP Ledger, edging past the approximately $795.59 million held on Ethereum. The gap is narrow, but the symbolism is significant: RLUSD leaned on Ethereum’s mature stablecoin infrastructure when it launched, and the network it was built to anchor has now taken the lead. For holders of the altcoin, the shift signals growing native demand on Ripple’s own chain rather than reliance on competing settlement layers.

The supply shift arrived just after Ripple widened RLUSD access in Japan. On June 25, the company confirmed RLUSD had gone live through a collaboration with SBI Holdings and its SBI VC Trade exchange, extending a long-standing Ripple–SBI relationship into the stablecoin arena. SBI VC Trade currently lists Ethereum among its supported networks for RLUSD, with XRP Ledger support expected to follow once technical integration and compliance reviews conclude. Large financial institutions typically stage such rollouts, so the initial Ethereum-only availability does not sideline the XRP Ledger; it reflects the slower onboarding cadence regulated venues require for a new dollar token.

XRP itself has been under heavy pressure. The token printed a fresh multi-year low just above $1 this week, capping a steep slide from roughly $1.60 in mid-May and leaving it well below its all-time high. Price action mapped by analysts shows XRP collapsing to about $1.05 in early June, rebounding toward $1.30, then being rejected and driven back down to near $1.01 across most venues. The repeated failures at overhead supply have deepened the bear market tone, leaving the asset around $1.04 and testing whether long-term holders defend the one-dollar threshold or capitulate into a deeper correction.

Analysts highlight a major volume cluster at $1.06 as the immediate battleground. That level marks a heavy on-chain trading band where more than 830 million XRP changed hands, making it the most important shelf above the dollar mark. The cluster acted as a magnet during the bounce, but it broke down at the time of writing, flipping former support into resistance. Reclaiming $1.06 on strong volume would signal that buyers are re-engaging; losing it decisively, by contrast, opens the path toward thinner demand zones lower down, where far fewer coins were accumulated to cushion any further decline in price.

Below the dollar, the next concentrations of accumulated supply sit considerably lower, underscoring how thin the order book has become. On-chain volume profiling places the next sizeable cluster — around 923 million coins — at roughly $0.80. Beneath that, the two largest bands, totaling about 1.16 billion and 1.06 billion XRP, cluster near $0.62 and $0.51 respectively. The wide gaps between these shelves explain why the current zone is pivotal: if XRP loses its grip above $1, there is little structural support until $0.80, and a failure there could expose the deeper $0.62 and $0.51 levels that last saw meaningful accumulation.

Beyond the immediate price stress, Ripple is positioning the XRP Ledger at the center of its stablecoin strategy rather than treating it as a secondary venue. The chain’s low transaction costs, fast settlement and proximity to enterprise payment rails make it a natural home for RLUSD in cross-border transfers, tokenization and collateral management. Growing RLUSD circulation on the ledger deepens its utility independent of XRP’s spot price, potentially anchoring institutional flows to the network over time. That long-term build-out contrasts sharply with the short-term technical weakness, a tension that increasingly defines XRP’s narrative for traders and builders alike.

COINOTAG’s proprietary 42-indicator composite scoring engine frames the immediate map clearly. Our engine rates first support at $1.0092 a STRONG 76/100, driven by the confluence of the Fibonacci 0.000 retracement, the Donchian lower band and ATR lower channel, with a second STRONG support at $1.0408 (66/100) from the Bollinger lower band and a Stochastic oversold reading. Overhead, the $1.2151 resistance scores 65/100 on point-of-control and swing-high confluence. Derivatives lean cautious: open interest sits near $623.95 million, funding is mildly negative at -0.0044%, and a 2.77 long/short ratio (73.5% long) hints at crowded longs. With RSI at 30.79, a bearish MACD cross and an Extreme Fear reading of 13/100, a decisive loss of $1.0092 would invalidate the bullish thesis.