George TsagkarakisTwo token pools that didn’t exist a week ago now account for 97.24% of all seven-day automated market maker (AMM) volume on the XRP Ledger. Between them, they logged 185 trades.
That’s the reading from XRPL.to’s Sept. 24 feed. Neither pool holds any XRP, so the figure says more about how the volume is counted than about demand for XRP.
A 2.8 billion total from a handful of fills
XRPL.to reported 2.82069 billion in seven-day volume. Of that, 1.68 billion came from XPM/TIX and over 1 billion came from RLUSD/TIX.
Treat those as the provider’s own tally, not as settled value. Both pools were created Sept. 21. Both list the same TIX issuer and the same pool creator.
In its rolling seven-day window, XRPL.to counted 69 XPM/TIX trades and 116 RLUSD/TIX trades. At the Sept. 24 check, neither pool had a single trade in the previous 24 hours.
The count proves fills happened. It doesn’t tell you how many independent traders were involved or what those fills were worth. A routed payment can also pass through more than one pool, so pool-level trade counts shouldn’t be read as separate end-to-end customer payments.
One pool is close to empty
The reserves don’t back up the headline number. The XPM/TIX pool account held about 1,545 XPM and 9.69 million TIX. The RLUSD/TIX account held only trace amounts of both assets and zero XRP.
That nearly empty account is a liquidity warning today. But judging what a trader could have exchanged during the earlier window requires the dated balances from that period, and those aren’t part of the headline figure.
What one real payment looks like
A validated payment from Sept. 22 shows how these pools settle in practice. It routed through TIX and both AMM accounts, spent about 5.89 XPM and delivered 0.030177 RLUSD.
Five XPM in, three cents of RLUSD out. The ledger metadata shows the token balance changes at each pool along the way.
And yet that trail doesn’t explain why the end-to-end payment and the two pool legs it touched are counted differently. That gap is where the billions live.
None of this means someone bought XRP
The XRPL’s AMM rules let pools swap two issued assets with no XRP side at all. Transactions still pay XRP network fees, and a longer payment route can touch XRP somewhere else. Neither of those turns activity inside these two pools into evidence that anyone bought new XRP.
To show that kind of demand, you’d have to trace the trades through any XRP legs and separate them from inventory participants already held.
Other dashboards count differently
The XRPL dashboard leaves token-token pools out of its headline XRP-paired value locked, since those reserves are harder to price in dollars. DefiLlama’s XRPL DEX page showed $55.1 million in seven-day volume, and its adapter uses XRP-pair and AMM XRP-volume metrics.
You can’t line those numbers up against XRPL.to’s token-token tally as if they measured the same trades at the same prices. They don’t.
The unanswered question is what value XRPL.to attaches to each TIX fill. Until that conversion can be reproduced against the on-chain trades, the 97.24% concentration is best read as a quirk of one reported measure.
What to watch instead
If you hold XRP, the signal worth tracking is recurring volume in pools that hold XRP, backed by reserves you can verify and fills with a real value attached. That same evidence would also separate a one-window spike from trading that sticks around after the newest pools age and their starting liquidity shifts.
XRP is up 1.28% over the past 24 hours and sits at No. 5 by market cap. Two pools with a combined 185 trades and one near-empty reserve account didn’t move that.
