Evernorth’s New Report Answers Major RLUSD and XRP Question

A new report is putting hard numbers behind a debate that has circulated in the crypto community for months.

Crypto analyst Diana (@InvestWithD) shared findings from Evernorth to push back on the narrative that RLUSD threatens XRP’s role on the XRP Ledger.

The report comes from Evernorth, a Ripple-backed XRP digital asset treasury company listed on Nasdaq under the ticker XRPN. Its findings center on how RLUSD and XRP interact on the ledger’s native decentralized exchange (DEX).

OMG… Evernorth’s NEW Report Reveals 92% of $1.65 BILLION in $RLUSD Swaps on XRPL Were Traded Against $XRP?! 🤯🔥

People keep asking whether stablecoins will REPLACE $XRP. 👀

👉 Around $1.52 BILLION in $RLUSD swap volume INVOLVED XRP pairs!

So instead of pushing XRP aside,… https://t.co/sFXcqHAfpy pic.twitter.com/3L9ZhWOruP

— Diana (@InvestWithD) November 8, 2026

The Numbers Tell a Clear Story

In 2024, only 10.5% of XRP trading on the XRPL’s native DEX occurred against stablecoins or fiat-backed tokens. By 2025, that figure climbed to 50%. In 2026 to date, it sits at 86%.

Those numbers alone show how rapidly dollar-denominated activity has grown on the ledger. Without additional context, they do not reveal what that activity means for XRP specifically. The Evernorth report fills that gap.

Of the $1.65 billion in RLUSD swapped on the DEX in 2026, 92% traded directly against XRP. That is roughly $1.52 billion in RLUSD volume flowing through XRP pairs. The report states, “The dollar isn’t taking liquidity away from XRP. It trades against XRP.”

XRP as Settlement Infrastructure

XRP is not being sidelined as dollar-backed assets grow on the ledger. It is functioning as the settlement layer those assets move through.

As Diana noted, the XRPL now mirrors the structure of global foreign exchange markets, where the U.S. dollar sits on one side of roughly 89% of trades and benchmark assets like gold and oil are priced in dollars. On XRPL, XRP occupies a structurally similar position.

The U.S. dollar dominates global FX not by displacing other currencies but by serving as the common denominator through which they transact. The Evernorth report suggests XRP is developing a comparable role within the XRPL ecosystem. In that structure, XRP is functioning as a bridge currency.

Is RLUSD Replacing XRP?

Critics of Ripple have argued that RLUSD’s expansion signals an internal shift away from XRP. The on-chain data does not support that conclusion. Every RLUSD transaction on XRPL also pays fees denominated in XRP, generating real economic throughput for the network.

Diana’s post highlights the practical takeaway: more institutions bringing assets onto XRPL would likely increase demand for XRP pairs, not reduce it. The data available today supports that trajectory. RLUSD is not replacing XRP, and its growth on the ledger has not come at XRP’s expense.