XRP has fallen 50% over the past year despite record network activity, driven by Ripple's RLUSD stablecoin. Since late 2025, total value locked in AMM pools tripled while XRP price dropped 22% in two months. RLUSD supply jumped 30% in a month to $785M but holder count rose less than 1%, with top 10 wallets holding 82%. DEX volume tripled from 2024 average, yet user participation tracks price, not liquidity. This suggests RLUSD fuels settlement and liquidity, not new speculative demand for XRP. Futures open interest remains high at $3.45B with mostly long bets, but stablecoin growth may structurally reduce need to hold XRP. If banks settle in RLUSD directly, XRP demand could stay weak. The divergence between on-chain activity and price highlights a key risk: liquidity without demand.

Key facts

• XRP price fell 50% in 2025, with AMM TVL tripling as price dropped 22% in two months.
• RLUSD supply surged 30% in one month to $785M, but holder count barely increased.
• Top 10 wallets control 82% of RLUSD, indicating high concentration.
• DEX volume tripled from 2024 average, but user participation remains tied to price.
• Futures open interest at $3.45B with positive funding, signaling long bias despite price weakness.