The two exchanges created a trading volume of XRPL worth 2.8 billion but actually came from only 185 listings.

What happened on XRPL?

Data from XRPL.to as of September 24 indicates that the trading volume in Automated Market Maker (AMM) over 7 days on XRP Ledger (XRPL) totaled about 2.82069 billion, which was ranked by only 2 pools: the XPM/TIX pair with a total of 1.68 billion and the RLUSD/Tix pair with more than 1 billion combined account for 97.24% of all volumes at XRpl.to 报告

The important point is that both of these pools have XRP hosts in them and were created on September 21 by the same TIX developer and pool builder.

Why is this number so suspicious?

Although there is a huge volume of trading, XRPL.to counts only 69 trades in the XPM/TIX pair and 116 listings in the RLUSD/Tix pair within the 7-day window - totaling just 185 items - and at check-in on September 24, both pools had no trades listed during the last 24 hours.

Here's what XRP holders should understand: Counting pool levels doesn't mean how many independent buyers there are or how much each listing is worth, because routed payments can go through multiple pools in a single path. Each "leg" will be counted separately

The XPM/TIX pool's accounts have reserves of about 1,545 XPM and 9.69 million TIX while the RLUSD/Tix account has only remaining assets and there are XRP as zero.

What do you see?

The payment has been verified (validated) from September 22 showing a true settlement of one line through TIX and both AMM accounts using XPM approximately 5.89 units and sent to RLUSD amounting 0.030177 units

XRPL's AMM rules allow the pool to exchange tokens issued by two issuers without having a side XRP The transaction still charges network fees as an XRP , but this mechanism does not change activity in the two pools This makes it clear that there is someone who has purchased XRP .

At the same time, DefiLlama represents a seven-day buying and selling volume on XRPL DEX at 55.1 million dollars which uses a double index of XRP This number is comparable to the top token - token of XRPR.to because it doesn't count for the same thing in different prices

What should XRP holders look out for?

The remaining open question is the value that XRPL.to assigns to each TIX listing in total As long as it cannot be reproduced from business on a chain, this 97.24% intensity should be understood as characteristic of only one indicator source report

The most significant sign for XRP holders is the amount of buying and selling that actually occurs in a pool. In fact, there are verifiable reserves and an estimated value listing which will help distinguish "single waves" from purchases and sales that continue after the pool has aged and conditions have begun to change.