CryptoSlate
A sampled XRP Ledger order book quoted 1,280,737 Bitstamp-issued USD tokens at the Nov. 4 close, but offer owners funded only 56,887, or 4.44%. One offer accounted for almost the entire gap, advertising 1,241,760 tokens while funding 17,967. A comparable RLUSD sample quoted 92,099 tokens, all funded at that ledger.
Why it matters
XRPL offers do not lock their full advertised amounts, so quoted size can exceed the inventory available to a seller. The ledger's book interface identifies partially funded offers, allowing software to distinguish quoted from supported amounts.
The measurement covered at most 100 offers per side within 10% of each book's reference midpoint. It excluded automated market maker pools and does not measure all XRP liquidity. At a Nov. 5 ledger, the Bitstamp USD sample still showed about 1.31 million tokens quoted against 58,179 funded; RLUSD had 80,435 quoted and 75,726 funded.
Market impact
A static Nov. 5 model of a 10,000-XRP sale returned 12,684 Bitstamp USD tokens through the sampled book or 13,052 RLUSD through its book. Separate AMM models returned 3,404 Bitstamp USD tokens and 12,973 RLUSD, respectively, including ordinary pool fees.
For a 50,000-XRP sale, the sampled Bitstamp book exhausted its funded offers after about 47,484 XRP, leaving 2,516 unsold. The RLUSD book absorbed the modeled sale for about 64,960 RLUSD. The estimates exclude additional transfer, network and redemption costs. Issuer-token proceeds are not bank dollars, and redemption depends on the issuer's conditions.
Frequently asked questions
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Why can quoted XRPL offers exceed funded inventory?
XRPL offers do not lock their full advertised amounts. The ledger's book interface identifies partially funded offers, allowing software to distinguish quoted from supported amounts.
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How did RLUSD liquidity compare with Bitstamp USD in the Nov. 4 sample?
The RLUSD book quoted 92,099 tokens, all funded, while the Bitstamp-issued USD book quoted 1,280,737 tokens with 56,887 funded. Both figures come from capped samples.
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What did the modeled 10,000-XRP sale return?
The Nov. 5 model returned 12,684 Bitstamp USD tokens through the sampled order book or 13,052 RLUSD through its book. Separate AMM models returned 3,404 Bitstamp USD tokens and 12,973 RLUSD.
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What happened to the modeled 50,000-XRP sale?
The sampled Bitstamp USD book exhausted its funded offers after about 47,484 XRP, leaving 2,516 XRP unsold. The sampled RLUSD book absorbed the sale for about 64,960 RLUSD.
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Do the modeled proceeds represent cash in a bank account?
No. The models report issuer-token proceeds, not bank dollars. Redemption depends on issuer conditions, and the estimates exclude additional transfer, network and redemption costs.
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