The XRP Ledger AMM total value locked (TVL) has experienced a consistent increase, surpassing $7.7 million amid a positive long-term outlook. The AMM supports a variety of coins including USDC, Bitcoin (BTC), Sologenic (SOLO), MAG, and USD, in addition to XRP.
The Ripple network continues to demonstrate impressive growth, particularly with the expansion of the XRP Ledger (XRPL) ecosystem. Recent data indicates that the automated market maker (AMM) total value locked (TVL) has surged by 51% in just over two weeks, reaching over 15 million XRP tokens.
Notably, the TVL increased by approximately 1.3 million XRP in a single day, following a 1.1 million token increase over three days, highlighting the rapidly growing interest in the ecosystem.
Recent data reveals that the total TVL has reached 15.6 million XRP, equivalent to $7.7 million, locked in various XRPL AMM pools. It’s important to note that the 15.6 million XRP represents the total value of various cryptocurrencies locked within XRPL AMMs, not just XRP. This total includes USDC, Bitcoin (BTC), Sologenic (SOLO), MAG, and USD. Data from XRP explorers indicates that the amount of pure XRP tokens in the AMM pools is around 7.83 million.
The significant growth within a short period of time indicates a renewed interest, the driving force of which remains unclear. Neil Hartner, a software engineer at Ripple Payments, pointed out that the TVL growth this week has been primarily driven by the Magnetic X (MAG) pool, which has a TVL of approximately 4.8 million XRP, reflecting a 35% increase from the previous day.
Additionally, the MAG pool offers an APY of 9.58%, slightly lower than its competitor, the XGO pool, which has a TVL of 1.8 million XRP.
Despite this impressive growth, XRP prices continue to face challenges. At the time of writing, XRP is trading for $0.4783 after a 2% drop over the weekend.
In an effort to promote transparency, the XRP community recently disclosed key details regarding the supply and distribution of XRP as outlined by Ripple in 2014. According to the document, the company intends to retain 25 billion XRP (or 25% of the total supply) to fund operations and potentially generate profits. The remaining 75 billion XRP will be distributed to the market to incentivize participants such as market makers, consumers, and gateways to utilize the XRP Ledger and ecosystem dApps.
The ongoing Ripple v. SEC case continues to have a significant impact on the trajectory of XRP prices. Legal experts have been predicting a favorable outcome for Ripple, and recent developments surrounding the case are supporting this view.
On June 20, Ripple Labs Inc. achieved a major victory in the federal class action when Judge Phyllis J. Hamilton granted summary judgment to dismiss both federal and state class claims that XRP was sold as an unregistered security.