Ripple's (XRP) Decentralized Exchange (DEX) Sees Substantial Growth in January, Records $400M in Swap Volumes

For January, Ripple's XRP Ledger decentralized exchange (DEX) has seen substantial growth, recording approximately $400 million in swap volumes.

Ripple’s XRP Ledger decentralized exchange (DEX) has seen substantial growth in January, 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.

Highlighting the growing interest in XRP and the XRP Ledger, 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).

Among the filings, JPMorgan Chase & Co. is projecting potential XRP inflows of over $8 billion for an XRP ETF, such as those proposed by Bitwise and WisdomTree.

A part of this growth can also 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.

Expanding XRP Ledger’s Role In the Last Year

Last year, expanding XRP Ledger’s capabilities was a key focus for Ripple, with initiatives such as introducing an Ethereum Virtual Machine (EVM) sidechain and exploring native smart contract functionalities. These efforts were undertaken to broaden XRP Ledger’s use cases and attract a wider developer audience.

Highlighting its decentralized network’s reliability, the XRP Ledger also closed its 70 millionth ledger last year.

In a recent announcement a few days back, 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.

An amendment to the XRP Ledger, known as XLS-73d, is also 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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