Bitstamp order-book depth may overstate available USD liquidity for XRP

CryptoSlate reported that a capped sample of Bitstamp-issued USD offers contained less funded inventory than the comparatively smaller RLUSD order book. The analysis points to a potential mismatch between advertised order-book depth and liquidity actually available for execution involving XRP. The work was limited to a capped sample of Bitstamp offers, and no other outlet independently corroborated the finding in the supplied coverage. CryptoSlate did not provide a quantified slippage figure in the available summary, so the issue is presented as a liquidity-depth concern rather than a measured market-wide price impact. The distinction is particularly relevant for RLUSD because DeFiLlama verifies its circulating supply at $2.67B, equal to its reported market capitalization. That supply figure provides context for the smaller order book, although the verified circulating amount does not itself measure how much inventory was funded or executable at Bitstamp during the sample. Against that backdrop, XRP was priced at $1.19, down 9.40% over 24 hours and 4.47% over seven days. The broader crypto market was broadly down, with total capitalization at $2.62T, Bitcoin down 5.31% over 24 hours, and the Fear & Greed index at 28. The market backdrop suggests that thin or overstated displayed liquidity could become more consequential during rapid price moves, while the key unresolved question is how much of the sampled depth represented genuinely available USD inventory.