Ripple’s XRP Ledger decentralized exchange (DEX) has processed over $1 billion in cryptocurrency swaps since its 2024 launch, with $400 million in January alone, averaging $17 million daily.
Ripple’s XRP Ledger decentralized exchange (DEX) has processed over $1 billion in cryptocurrency swaps since its 2024 launch, with $400 million in January alone, averaging $17 million daily, Ripple CEO Brad Garlinghouse shared during XRP Community Day on Jan. 28. He highlighted the platform’s growth as a key milestone for Ripple this year, alongside initial traction for the RLUSD stablecoin and efforts to secure regulatory approval for XRP-based exchange-traded funds (ETFs).
XRP’s momentum has been bolstered by Donald Trump’s election as U.S. president in November 2024. Garlinghouse credited Trump’s leadership for creating a more favorable environment for the cryptocurrency industry, stating, “Trump winning the election… whatever you think about his personal politics, for crypto, it is certainly profound.” Trump’s administration has outlined plans to appoint industry-friendly figures to regulatory positions, including at the Securities and Exchange Commission (SEC), which could influence future policy decisions on cryptocurrencies.
Since Trump’s victory, XRP’s price has surged over 500%, with a market capitalization exceeding $180 billion as of Jan. 28, according to CoinMarketCap. This rise reflects growing optimism among investors about the potential for XRP ETF approvals under the new administration. Polymarket estimates the likelihood of an XRP ETF approval by 2025 at 73%.
The SEC approved spot Bitcoin ETFs in January 2024 and Ether ETFs in July, but XRP ETF applications, including proposals from Bitwise and WisdomTree, remain pending. JPMorgan projects that approved XRP ETFs could bring in more than $8 billion in investment inflows, adding further momentum to the token.
Ripple Labs, which launched the XRP Ledger in 2012, focuses on enterprise applications of blockchain technology. Unlike Ethereum, the XRP Ledger does not support third-party smart contracts. Its features, such as the decentralized exchange and automated market maker, were built by Ripple’s core developers.
Garlinghouse described 2024 as a defining year for Ripple, emphasizing the integration of the RLUSD stablecoin and the evolving role of the XRP Ledger. As the ecosystem grows, the decentralized exchange continues to record consistent daily activity, showcasing its adoption and utility.
The alignment of market developments, political shifts, and strategic innovation has positioned XRP for significant advancements in the near term. Ripple’s focus on fostering adoption through new products and pursuing regulatory clarity reflects its broader goals of strengthening the blockchain ecosystem while navigating a rapidly changing regulatory landscape.
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