XRP has fallen 50% over the past year even as activity on the XRP Ledger climbs toward record highs. According to BeInCrypto, Ripple’s dollar-pegged stablecoin RLUSD is pulling fresh money onto the network and deepening AMM liquidity pools without materially boosting demand for XRP.

RLUSD supply on XRPL is near $785 million across about 45,500 holders after jumping nearly 30% in a month, with roughly 82% held by the top 10 wallets. BeInCrypto also cites futures positioning showing XRP open interest near $3.45 billion across 125 perpetual venues, with funding rates mostly positive as traders lean long.