The latest on-chain data indicates a significant increase in XRP tokens locked within the XRPL AMMs, reaching a high of 2,272,919 XRP in the last 24 hours.
Over the weekend, the XRPL experienced remarkable growth in its decentralized finance (DeFi) sector. AMM pools increased from 277 to 316, indicating rising user engagement. Concurrently, the volume of XRP locked within these pools witnessed a robust increase, going from 1.8 million to 2.15 million.
Recent data from XRPScan shows a sharp increase this week. The ecosystem currently boasts 209 total assets, 203 unique tokens, and 184 XRP pairs available for trading. The active pool count has also surged to 324, with the total XRP locked crossing 2.27 million.
In 24 hours the locked amount has increased to 2.27 million XRP and the active pools from 316 to 324 liquidity pools. https://t.co/HEBYvMScek pic.twitter.com/Mzw8ACirpQ
— bill morgan (@Belisarius2020) April 17, 2024
This escalation underscores growing confidence in XRPL’s DeFi capabilities and liquidity provisions. The surge in active pools and the locked XRP tokens points to a dynamically expanding ecosystem.
The Impact of Liquidity on Market Dynamics
Despite the modest proportion of the total XRP supply locked in XRPL AMMs, analysts observe the potential for this increasing trend to contribute to market shifts. The USDC/XRP pool currently holds the highest volume, with experts cautiously anticipating how this locked liquidity could affect the XRP market.
Media personality Zach Rector states that while an immediate XRP supply shock isn’t expected, the growing use of XRP for diverse utilities, development of bridges, and strong holders are progressively reducing its liquid supply, with a potential supply shock scenario unfolding over the next 5-10 years.
In the last 24 hours, XRP price action has shown a volatile yet bullish trend. After a dip to $0.4884, XRP rebounded, peaking above $0.50. The fluctuations reflect active market trading, with XRP sustaining gains near this upper level, consolidating around $0.498 at the reporting time.
This pattern of liquidity growth within the XRPL AMMs reflects the progressive nature of the network’s DeFi engagements. The impressive surge in locked XRP comes merely a week after the ecosystem approved an amendment fix to address an issue observed in the AMM code.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
