XRP Ledger DEX Volumes Surpass $400M as Network Gains Traction Among Larger Players, Says Ripple CEO Brad Garlinghouse

Swap volumes on XRP Ledger's decentralized exchange (DEX) crossed the $400 million mark in January as the network gains traction among larger players, Ripple Labs CEO Brad Garlinghouse said in a community call on Wednesday,

The decentralized exchange (DEX) on XRP Ledger saw a record month in January with over $400 million in volumes swapped on the platform, according to Ripple Labs CEO Brad Garlinghouse.

In a community call on Wednesday, Garlinghouse highlighted the achievement, which marks a significant increase from the DEX’s launch in 2024.

“We're seeing volumes average over $17 million a day this month, with over a billion dollars since we launched the DEX in 2024,” he said.

The XRP Ledger DEX is integrated directly into the blockchain, allowing users to swap XRP and other assets quickly and easily.

Unlike other blockchain-based DEXs, which typically operate as separate applications or smart contracts on top of the blockchain, the XRP Ledger DEX is part of the core blockchain functionality.

This design choice contributes to the DEX's high performance and low latency, enabling traders to execute swaps efficiently.

The DEX uses an order book system, where users can place both limit and market orders for XRP and other assets. These assets can include tokens or IOUs for various currencies or commodities, expanding the range of trading options available on the DEX.

The rapid expansion of the XRP Ledger DEX was one of the key reasons that made 2024 “one of the most monumental years for Ripple,” said Garlinghouse.

He also noted the "early but promising traction" of Ripple's US dollar-pegged stablecoin, RLUSD, and the multiple filings for proposed XRP exchange-traded funds (ETFs).

Since November, the speculative optimism among traders has been that a crypto-friendly Trump administration could benefit tokens and products linked to U.S.-based companies, such as Ripple and its closely related XRP.