Two liquidity pools that swap the TIX token against other issued assets generated 97.24% of the seven-day automated market maker (AMM) volume recorded on the XRP Ledger, according to XRPL.to's Sept. 24 feed. Neither pool contains XRP, so the outsized reading says more about the provider's volume measure than about demand for the ledger's native asset.

XRPL.to listed a seven-day volume total of 2.82069 billion, including 1.68 billion for the XPM/TIX pool and more than 1 billion for the RLUSD/TIX pool, RLUSD being Ripple's U.S. dollar stablecoin. The two pools were created on Sept. 21 and list the same TIX issuer and pool creator. Automated market makers price swaps from the changing ratio of the two assets held in a pool rather than by matching individual buy and sell orders. Within its rolling seven-day window, XRPL.to counted 69 XPM/TIX trades and 116 RLUSD/TIX trades — 185 in all. Neither pool had recorded a trade in the latest 24 hours at the Sept. 24 check.

The trade counts confirm that fills occurred, but they do not establish how many independent traders took part or what those fills were worth. A routed payment can also pass through more than one pool, so pool-level counts should not be read as separate end-to-end customer payments.

What the XRPL ledger shows

An inspection of the XPM/TIX pool account found about 1,545 XPM and 9.69 million TIX in its reserves. The RLUSD/TIX account held only trace amounts of both assets and zero XRP. The nearly empty account stands as a current liquidity warning, while the earlier trading window would need its dated balances to show what a trader could have exchanged at the time. That distinction does not explain why an end-to-end payment and the two pool legs involved are counted differently.

The ledger's AMM rules allow pools to exchange two issued assets without an XRP trading side. Transactions still incur XRP network fees, and a longer payment route can use XRP elsewhere. Neither mechanism turns activity inside these two pools into evidence that someone bought new XRP. Establishing that demand would require tracing the trades through any XRP legs and separating them from inventory that participants already held.

The XRPL dashboard leaves token-token pools out of its headline XRP-paired value locked because those reserves are harder to price in dollars. DefiLlama's XRPL DEX page showed $55.1 million in seven-day volume, while its adapter uses XRP-pair and AMM XRP-volume metrics. Those figures cannot be set directly against XRPL.to's token-token tally as though they counted the same trades at the same prices. Volume is one of the most-cited headline metrics in cross-chain dashboards, and divergent readings like these show how much the final number depends on each provider's counting and pricing choices.

The open question is the value attached to each TIX fill in XRPL.to's total. Until that conversion can be reproduced against the on-chain trades, the 97.24% concentration is best understood as a feature of one reported measure.

For XRP holders, recurring volume in pools that actually hold XRP, backed by verifiable reserves and valued fills, would be a more direct sign of trading demand. Such evidence would also distinguish a one-window spike from trading that persists after the newest pools have aged and their initial liquidity has changed. In the meantime, the pool accounts themselves remain publicly readable on the ledger, so shifts in their thin reserves can be monitored directly, and any documentation XRPL.to adds on how it values non-XRP fills would bear on the open question.

The analysis was first reported by CryptoSlate.