Ripple CEO: Trading volume on DEX XRPL exceeded $400 million in January

What’s new? Ripple CEO Brad Garlinghouse has said that in January, the trading volume on the decentralized exchange (DEX) of the XRP Ledger (XRPL) blockchain developed by the company exceeded the $400 million mark. The senior executive attributed this to the fact that XRPL is gaining popularity among major players.

Material by CoinDesk

What else is known? In the current month, the average daily trading volume amounted to $17 million, and since the launch of the platform in 2024, the figure has already exceeded 1 billion.

XRP Ledger’s DEX is built directly into the blockchain functionality, rather than being a separate application or smart contract on top of the blockchain, as is the case with popular protocols such as Uniswap or PancakeSwap.

Ripple’s platform utilizes an order book system where users can place both limit and market orders for the XRP native token and other assets issued in XRPL, including debt receipts for various currencies or commodities.

According to Garlinghouse, the rapid expansion of DEX in the XRP Ledger was one of the key reasons why 2024 was “one of the most monumental years for Ripple,” along with the “early but promising traction” of the Ripple USD (RLUSD) stablecoin and numerous applications from investment firms to launch XRP-based spot exchange-traded funds (ETFs).

Grayscale has opened an XRP-based trust for accredited investors

Shares of the Trust are designed to track the market price of XRP with fewer fees and expenses

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The community expects the cryptocurrency-friendly Trump administration to boost US protocols. Against this backdrop, leading crypto aggregator CoinGecko launched a page to track the capitalization of US-created cryptocurrencies, while index provider GMCI launched an index to track the rates of the 13 largest US protocol tokens by capitalization, with XRP holding the largest share.

Earlier, Garlinghouse said that the US national cryptocurrency reserve, the creation of which a working group has been tasked by Trump to study, should include not only bitcoin but also other tokens.

According to media reports, Garlinghouse discussed with Trump that XRP should also become a strategic reserve asset for the United States. He said the reserve should be diversified, refuting accusations of trying to hurt bitcoin. “The opportunity is so great that there will be many winners,” the entrepreneur believes.

Source: X.com

Ripple-issued XRP has recently been ranked third in the overall cryptocurrency ranking by market capitalization, behind only bitcoin and Ethereum at $178,2 billion.

The asset is trading at $3,09, having added 0,9% overnight. Monthly growth amounted to 50%, and over the past six months, XRP has risen in price by 450%.