Two automated market-maker (AMM) pools on the XRP Ledger, both pairing the issued token TIX with other assets, were responsible for 97.24% of the seven-day volume reported by XRPL.to on September 24. The XPM/TIX pool contributed roughly 1.68 billion, while the RLUSD/TIX pool added just over one billion to the total of 2.82069 billion.

Both pools were created on September 21, share the same TIX issuer and pool creator, and notably contain no native XRP. The reported volume therefore reflects activity measured by the provider rather than direct XRP-centric trading.

Limited trade activity and liquidity concerns

Despite the headline-grabbing volume, the underlying trade count is modest: 69 trades for XPM/TIX and 116 for RLUSD/TIX within the rolling seven-day window. No trades were recorded in the most recent 24-hour period at the time of the check, indicating that the volume figure aggregates a small number of fills.

On-chain inspection shows the XPM/TIX pool holding about 1,545 XPM and 9.69 million TIX, while the RLUSD/TIX pool contains only trace amounts of its assets and zero XRP. The near-empty RLUSD/TIX reserves constitute a liquidity warning, suggesting that the pool’s reported volume may not be sustainable.

A validated payment from September 22 illustrates how a routed transaction can involve both pools: it consumed roughly 5.89 XPM and delivered 0.030177 RLUSD, passing through TIX and the two AMM accounts. Such routed payments still incur XRP network fees, but the internal token-to-token swaps do not represent new XRP demand.

Implications for XRP-related market metrics

Because the XRPL dashboard excludes token-to-token pools from its headline “XRP-paired value locked” figures, the 2.8 billion volume does not translate directly into XRP-centric activity. DefiLlama’s XRPL DEX page, which relies on XRP-paired metrics, reported $55.1 million in seven-day volume, a figure that cannot be reconciled with XRPL.to’s token-token tally.

For XRP holders and market observers, volume that occurs in pools containing verifiable XRP reserves offers a clearer signal of trading demand. The current concentration of reported activity in token-to-token pools, combined with low trade counts and thin liquidity, suggests that the headline volume may overstate genuine market participation.

Why it matters

Understanding the composition of XRPL AMM volume is essential for assessing true demand for XRP. When most of the reported volume originates from token-to-token pools that lack XRP and exhibit limited liquidity, the metric becomes a poor proxy for XRP market health. Stakeholders should therefore prioritize volume and liquidity data that involve native XRP reserves to gauge sustainable trading interest.