XRP Ledger’s native decentralized exchange (DEX) has reached $400 million in swap volume for January, averaging approximately $17 million per day, Ripple CEO Brad Garlinghouse announced on January 28. Since its launch in 2024, the DEX has handled over $1 billion in cryptocurrency swaps, a significant milestone for the platform. Garlinghouse noted that the rapid growth of XRP Ledger’s DEX is just one of the many reasons why “2024 will certainly stand out as one of the most monumental years for Ripple.” He also highlighted the promising traction for Ripple’s US dollar-pegged stablecoin, RLUSD, and several filings for proposed XRP exchange-traded funds (ETFs). According to Garlinghouse, JPMorgan estimates that XRP ETFs, including those proposed by asset managers such as Bitwise and WisdomTree, could draw over $8 billion in inflows into the XRP token.
Ripple Labs is the developer behind XRP Ledger, an enterprise-oriented blockchain network launched in 2012. Unlike blockchain networks like Ethereum, XRP Ledger traditionally hasn’t supported third-party smart contract deployments. However, products such as XRP Ledger’s DEX and automated market maker (AMM) are deployed by Ripple’s core developer community.
Post-Election Optimism
Garlinghouse credited the victory of US President Donald Trump in the 2024 election for much of XRP’s positive momentum. “Trump winning the election… whatever you think about his personal politics, for crypto, it is certainly profound,” Garlinghouse stated. He added, “I think we’re moving past what truly felt like an unlawful war on crypto.”
The price of XRP has surged more than 500% since November 5, 2024, when Trump secured the US presidency. As of January 28, XRP’s market capitalization stands at more than $180 billion, according to CoinMarketCap. Trump has promised to turn the US into the “world’s crypto capital,” and he plans to appoint industry-friendly leaders to head key financial regulatory bodies, including the US Securities and Exchange Commission (SEC). In 2024, the SEC authorized issuers to list spot Bitcoin (BTC) and Ether (ETH) ETFs in January and July, respectively. However, other ETF applications, including proposed spot XRP ETFs, have yet to gain approval. With Trump in office, investors are now optimistic about the prospects of an XRP ETF approval in 2025. Prediction market Polymarket sets the odds of approval at around 73%.
Conclusion:
Ripple continues to show promising growth through its decentralized exchange and stablecoin efforts, along with its optimistic outlook for an XRP ETF. As the market gears up for potential changes under the new US administration, XRP’s future looks increasingly bright.
FAQs:
What is the XRP Ledger DEX, and how does it operate?
The XRP Ledger DEX is a decentralized exchange that allows users to trade cryptocurrencies directly without relying on centralized exchanges. It is built on the XRP Ledger blockchain, which Ripple developed to handle fast and secure transactions.
How much did XRP Ledger’s DEX handle in January 2024?
The XRP Ledger DEX handled $400 million in swap volume in January 2024, averaging $17 million per day.
What is the potential impact of the proposed XRP ETFs?
The proposed XRP ETFs could bring in significant inflows, with JPMorgan estimating up to $8 billion, which could increase the demand and price for XRP.
How has the election of Donald Trump influenced XRP?
The election of Trump has boosted investor confidence in XRP, as many view it as a more crypto-friendly environment. This has contributed to XRP’s significant price increase since November 2024.
What are the odds of an XRP ETF approval in 2025?
Prediction market Polymarket has set the odds of an XRP ETF approval in 2025 at around 73%.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
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