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XRP Ledger’s decentralized exchange has seen a total of more than $1 billion in swap volume since launching in 2024, according to Ripple’s CEO.
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XRP Ledger’s native decentralized exchange (DEX) has clocked $400 million in swap volume in January, averaging approximately $17 million per day, Ripple CEO Brad Garlinghouse said on Jan. 28.
The DEX has handled upward of $1 billion in cryptocurrency swaps since launching in 2024, he said during a discussion on the X platform as part of XRP Community Day.
Its rapid growth is among several reasons “why 2024 will certainly stand out as one of the most monumental years for Ripple,” Garlinghouse continued.
Other factors include “early but promising traction” for Ripple’s US dollar-pegged stablecoin, RLUSD, and several filings for proposed XRP (XRP) exchange-traded funds (ETFs), according to Garlinghouse.
XRP’s price soared after Donald Trump’s US presidential win. Source: CoinMarketCap
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He added that JPMorgan, an investment bank, estimates that XRP ETFs, including those proposed by asset managers Bitwise and WisdomTree, will draw upward of $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 such as Ethereum, XRP Ledger has not historically supported third-party smart contract deployments. Products such as XRP Ledger’s DEX or automated market maker (AMM) are deployed by Ripple’s core developer community.
Odds favor a 2025 approval of a US XRP ETF. Source: Polymarket
Post-election optimism
Garlinghouse credited US President Donald Trump’s 2024 election win 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 said.
“I think we’re moving past what truly felt like an unlawful war on crypto.”
The price of XRP Ledger’s native token, XRP, has increased by more than 500% since Nov. 5, when Trump won the US presidential race. As of Jan. 28, XRP’s market capitalization stands at more than $180 billion, according to CoinMarketCap.
Trump, who has promised to turn the US into the “world’s crypto capital,” plans to tap industry-friendly leaders to head key financial regulators, including the US Securities and Exchange Commission.
In 2024, the agency 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, languished.
Now, with Trump in the White House, investors are wagering on favorable chances of an XRP ETF approval in 2025, with prediction market Polymarket setting the odds at around 73%.
Related: BlackRock CEO wants SEC to ‘rapidly approve’ tokenization of bonds, stocks: What it means for crypto
This article first appeared at Cointelegraph.com News
