Two token pools created less than a week ago now make up 97.24% of all automated market maker (AMM) volume on the XRP Ledger over the past seven days. Together, they recorded just 185 trades.
The figure comes from XRPL.to’s feed for Sept. 24. Neither pool contains any XRP, so the number says more about how volume gets tallied than about appetite for XRP.
A 2.8 billion total from a handful of fills
According to XRPL.to, seven-day volume stood at 2.82069 billion. XPM/TIX accounted for 1.68 billion of that, while RLUSD/TIX contributed more than 1 billion.
These are the provider’s own counts, not settled value. The two pools were both created on Sept. 21, and they share the same TIX issuer and the same pool creator.
Across its rolling seven-day window, XRPL.to logged 116 trades in RLUSD/TIX and 69 in XPM/TIX. When checked on Sept. 24, neither pool had recorded any trade in the preceding 24 hours.
The trade count confirms that fills took place. What it can’t show is how many independent traders were behind them or what those fills were worth. Because a routed payment may cross more than one pool, trade counts at the pool level shouldn’t be treated as distinct end-to-end customer payments.
One pool is close to empty
The headline figure isn’t supported by the reserves. About 1,545 XPM and 9.69 million TIX sat in the XPM/TIX pool account. The RLUSD/TIX account, by contrast, held only trace amounts of both assets and no XRP at all.
An account that thin is a liquidity red flag right now. Working out what a trader could actually have swapped during the earlier window, though, would require dated balances from that period, and the headline number doesn’t include them.
What one real payment looks like
One validated payment from Sept. 22 illustrates how settlement works through these pools. Routed via TIX and both AMM accounts, it spent roughly 5.89 XPM and delivered 0.030177 RLUSD.
Put simply: five XPM went in, and three cents’ worth of RLUSD came out. The ledger metadata records the token balance changes at each pool along the route.
Even so, that record doesn’t explain why the end-to-end payment is counted differently from the two pool legs it passed through. That discrepancy is where the billions come from.
None of this means someone bought XRP
Under the XRPL’s AMM rules, pools can swap two issued assets without any XRP side. Transactions still incur XRP network fees, and a longer payment path may touch XRP at some other point. Neither fact makes activity inside these two pools proof that anyone purchased new XRP.
Demonstrating that sort of demand would mean tracing the trades through any XRP legs and separating them from inventory the participants already held.
Other dashboards count differently
Token-token pools are excluded from the XRPL dashboard’s headline XRP-paired value locked, because those reserves are harder to value in dollars. On DefiLlama’s XRPL DEX page, seven-day volume came to $55.1 million, with its adapter relying on XRP-pair and AMM XRP-volume metrics.
Those figures can’t be set side by side with XRPL.to’s token-token tally as though they tracked the same trades at the same prices. They don’t.
What remains unanswered is the value XRPL.to assigns to each TIX fill. Until that conversion can be reproduced against the on-chain trades, the 97.24% concentration is best understood as an artifact of one reported metric.
What to watch instead
For XRP holders, the more meaningful signal is repeat volume in pools that actually hold XRP, supported by verifiable reserves and fills carrying real value. The same evidence would also distinguish a one-off spike in a single window from trading that persists once the newest pools mature and their initial liquidity changes.
Over the past 24 hours, XRP has gained 1.28% and ranks No. 5 by market cap. That move had nothing to do with two pools, 185 combined trades and one nearly empty reserve account.