In a recent community call, Ripple Labs CEO Brad Garlinghouse highlighted the impressive growth of the XRP Ledger’s decentralized exchange (DEX), noting that swap volumes on the platform surpassed $400 million in January. This surge in activity has been fueled by increased adoption from larger players, with daily trading volumes averaging over $17 million throughout the month and total trading volume reaching more than $1 billion since the exchange’s launch in 2024.
Garlinghouse pointed to the DEX’s rapid expansion as one of the major factors contributing to what he called “one of the most monumental years for Ripple.” He also mentioned the early success of Ripple’s US dollar-pegged stablecoin, RLUSD, and the growing number of proposed XRP exchange-traded funds (ETFs) as key milestones.
The recent surge in speculative optimism has been driven by the belief that a crypto-friendly administration under President Trump could offer significant benefits to U.S.-based crypto companies like Ripple and the XRP ecosystem. This has boosted confidence in Ripple’s ongoing projects and innovations.
What sets the XRP Ledger’s DEX apart from other decentralized exchanges is its integration directly into the blockchain. Unlike platforms such as Uniswap or Pancakeswap, which operate on top of existing blockchains through smart contracts, the XRP Ledger’s DEX functions natively within the blockchain’s architecture. It uses an order book system, allowing users to place both limit and market orders for XRP and other assets issued on the XRP Ledger. These assets can range from tokens to IOUs representing various currencies or commodities.
