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XRP sellers face massive slip as USD order book depth fakes size

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XRP sellers face massive slip as USD order book depth fakes size

At the Nov. 4 close, a capped sample of Bitstamp-issued USD offers held less funded inventory than the smaller RLUSD book.

An XRP Ledger order book sample advertised 1.28 million Bitstamp-issued USD tokens at the Nov. 4 close, but the offer owners' balances funded only about 57,000.

For an XRP holder selling into those offers, the headline quantity overstated the token inventory available to trade.

The smaller sample for dollar stablecoin Ripple USD (RLUSD) held about 92,000 funded tokens, with no gap between quoted and funded amounts at that ledger.

A Nov. 5 refresh, at ledger 108132129, closed at 13:09 UTC, still showed a large Bitstamp-dollar gap of roughly 1.31 million tokens quoted against 58,179 funded. RLUSD had about 80,435 quoted and 75,726 funded, so its earlier fully funded reading had not persisted.

The Nov. 4 reading covered validated ledger 108120236, closed at 23:59:51 UTC. Bitstamp-issued USD offers totaled 1,280,737 tokens quoted and 56,887 funded, a funded share of 4.44%.

One offer advertised 1,241,760 USD tokens while its funded amount was only 17,967. That single offer accounted for almost the entire difference, showing why adding advertised order sizes can mislead about what a counterparty can deliver.

The measurement requests at most 100 offers per side and counts quantities within 10% of each book's own reference midpoint, derived from its tightest uncrossed bid and ask. NOSHASHI, the ledger-data service, calls the dollar-token side that XRP sellers receive the “ask.”

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