According to Ripple’s Brad Garlinghouse, XRP achieved $400 million in DEX volumes last month.

Ripple Labs CEO Brad Garlinghouse recently announced in a community call that the XRP Ledger’s decentralized exchange (DEX) has achieved a major milestone, with swap volumes surpassing $400 million in January. This rapid growth is driven by the increasing involvement of larger players in the XRP ecosystem, with average daily trading volumes exceeding $17 million for the month. Since its launch in 2024, total trading volumes have now exceeded $1 billion.

Garlinghouse emphasized that the DEX’s expansion played a key role in making 2024 “one of the most monumental years for Ripple.” In addition to the success of the DEX, he highlighted other significant developments, such as the early success of Ripple’s RLUSD stablecoin and the growing number of XRP exchange-traded fund (ETF) proposals.

The market sentiment has been bolstered by hopes that a crypto-friendly administration under President Trump could provide a favorable environment for U.S.-based companies like Ripple and its associated token, XRP.

What makes the XRP Ledger’s DEX unique is that it is natively built into the blockchain, unlike other decentralized exchanges like Uniswap or Pancakeswap, which operate as separate smart contract applications. The XRP Ledger DEX utilizes an order book system, allowing users to place limit and market orders for XRP and other assets, including tokens and IOUs for various currencies and commodities. This structure offers a seamless and integrated trading experience directly on the XRP blockchain.