- January saw $400 million in swap trading volume on the XRP Ledger
- Since last year’s launch, DEX has processed over $1 billion in cryptocurrency swaps
- An amendment to the XRP Ledger, identified as XLS-73d, is set to go live on January 30
For January, Ripple’s XRP Ledger decentralized exchange (DEX) has seen substantial growth, recording approximately $400 million in swap volumes. The news was shared by Ripple’s CEO Brad Garlinghouse during the XRP Community Day.
This equates to an average daily transaction volume of over $17 million. Since its launch in 2024, the DEX has processed over $1 billion in cryptocurrency swaps.
Ripple had a great last year, and one of the main contributors to the successful past 12 months is the rapid growth of the XRP Ledger DEX. The CEO also noted the promising start of Ripple’s US dollar-pegged stablecoin, RLUSD, and several filings for proposed XRP exchange-traded funds (ETFs).
Furthermore, he stated that JPMorgan Chase & Co. projects potential XRP inflows exceeding $8 billion for an XRP ETF, such as those proposed by Bitwise and WisdomTree.
Related: XRP Ledger To Vote on Key Amendment: Could RLUSD AMM Pool Boost XRP?
A part of this growth can be attributed to Donald Trump becoming the US president, following the elections, XRP’s value surged nearly 400%, reaching an all-time high of $2.90 before stabilizing around $2.50. This increase was attributed to investor optimism about potential regulatory changes that could be more favorable to cryptocurrencies.
At the time of writing, XRP’s market cap stands at $178.22 billion.
XRP Ledger’s Expanding Role
Last year, Ripple explored expanding XRP Ledger’s capabilities by introducing an Ethereum Virtual Machine (EVM) sidechain and considering native smart contract functionalities. These initiatives aimed to broaden XRP Ledger’s use cases and attract a wider developer audience.
Also, the XRP Ledger successfully closed its 70 millionth ledger, highlighting its reliability and the robustness of its decentralized network.
Then, according to the announcement from a few days ago, the XRPL is set to integrate tokenized short-term US treasuries, offered by Ondo Finance and backed by BlackRock, thus improving the platform’s asset diversity and appeal to traditional investors.
Related: Ripple CTO David Schwartz Clears the Air on XRP Ledger Governance
Finally, it’s worth noting that an amendment to the XRP Ledger, identified as XLS-73d, is set to go live on January 30. This update will allow the creation of an XRP/RLUSD automated market maker (AMM) pool, boosting liquidity and expanding trading opportunities on the XRPL DEX.
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