Officially the LED can display two colors - amber, for a failed drive and blue, for a functional drive.
I've seen reports of white, pink & purple - which are either the different perceptions of the different viewers or different percentages of blue and amber depending on the duty cycle of the signal driving the LEDs - BUT - D-Link does not define any conditions related to any color other than blue or amber.
Since - whatever color you're seeing is blue+amber and amber is an error, then youhave a problem of some sort with the drive.
On the RAID degradation diagnosis - a failed drive will result in degradation (RAID1) or total loss of the array (RAID0).
I would suspect that by spanning you mean JBOD - you need to know that failure of either drive in a JBOD configuration can result in the loss of all data regardless of which drive it was stored on and which drive failed. You may be able to access your data - if you can, back it up whilst you still can.