Ripple Says RLUSD Targets Other Stablecoins, Not XRP, as Evernorth Reports 92% of RLUSD Swaps Trade Against XRP

The report also cites growth in network activity. Tokenized value on XRPL rose from $1.76 billion in February to more than $5 billion as of October 20, which Evernorth says places the ledger sixth among all networks and fourth among public blockchains. The share of XRPL native DEX trading involving stablecoins or fiat-backed tokens was 10.5% in 2024, 50% in 2025, and 86% so far in 2026, according to the same report. The number of accounts issuing new Multi-Purpose Tokens rose from four in January to 24 in October.

Evernorth's figures come from a company with a financial interest in the XRP thesis, and the report has not been independently verified in the sources reviewed here.

Where the Sources Diverge on Price Impact

The sources agree on the liquidity data but differ on what it means for price. Evernorth and Garlinghouse frame RLUSD activity as complementary to XRP. WrathofKahneman accepts that liquidity is positive but argues that price benefits require direct demand for XRP, which the cited swap data does not establish on its own. Trading against XRP is a different thing from holding or spending XRP for a price-relevant purpose.

Technical Setup and Price Context

XRP trades around $1.16 to $1.28 depending on the source and timestamp, well below its previous all-time high of $3.65. Crypto analyst Ali Charts identified a tight Bollinger Band squeeze on the four-hour chart, the tightest since August, followed by a break above the upper band. Ali Charts noted that a similar compression preceded a roughly 71% rally in three days earlier this year, and said a repeat from around $1.16 would imply about $2.19. That projection is one analyst's pattern-based view and is not supported by fundamental data.

A failure to hold gains above the upper band would weaken the signal, according to the same analysis.

Institutional Deployment

Evernorth began trading on Nasdaq under the XRPN ticker on October 12 after completing its merger with Armada Acquisition Corp. II, entering with about 473 million XRP and roughly $300 million in gross cash proceeds. It has selected Ripple, Coinbase, Kraken and BitGo to help deploy that treasury through institutional strategies, and has arranged an equity facility with Cantor Fitzgerald that could raise about $80 million, with further XRP purchases listed among possible uses.

Why It Matters

For Traders

Watch whether XRP holds above the four-hour upper Bollinger Band, since the sources tie the bullish setup to that level and a failure would undercut it.

For Investors

The debate centers on whether XRPL stablecoin liquidity converts into durable demand for XRP itself, a question the current data does not settle.

For Builders

Growth in RLUSD and MPT issuance on XRPL means protocols building there should expect more stablecoin-denominated liquidity and DEX pairs against XRP.