Through the use of blockchain and modern APIs, Ripple enables financial institutions who are part of the network, RippleNet, to send money globally, instantly, reliably and for fractions of a penny. RippleNet is built on top of Ripple’s consensus ledger, XRP Ledger (XRPL).

Ripple is the leading provider of crypto-enabled solutions for businesses. Ripple was founded by Chris Larsen and Jed McCaleb and launched in 2012 (previously OpenCoin).

XRP tokenholders own and govern Ripple's consensus ledger 'XRP Ledger' (XRPL). Ripple's investors include a16z, Pantera Capital, Route 66 Ventures, etc.

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XRP Ledger

# XRP Ledger Trading volume Methodology

## 1. Overview

Trading volume measures the total USD value of trades executed across XRP Ledger's decentralized exchange infrastructure. XRP Ledger operates two distinct trading venues: XRPL CLOB (central limit order book) and XRPL AMM (automated market maker pools). Trading volume is calculated separately for each product and aggregated at the project level.

## 2. Data sources

- **Blockchain events**: For XRPL CLOB, order fill data is extracted from executed trades. For XRPL AMM, reserve state changes are tracked from `Payment` and `OfferCreate` transactions that interact with XRPL AMM pools, supplemented by fee configurations from `AMMCreate` and `AMMVote` transactions on XRP Ledger
- **External data**: End-of-day price feeds for traded assets

## 3. Step-by-step calculation

### Component A: XRPL CLOB trading volume extraction

- **Purpose**: Capture executed trade volumes on the central limit order book
- **Logic**: Order fill events are parsed to extract traded token pairs and fill amounts. Transactions involving denylisted tokens (tokens with wash-traded or pump-and-dump activity patterns) are excluded. Daily volumes are aggregated by token pair.
- **Key fields**: `token_0`, `token_1` (traded asset pair), `amount_0`, `amount_1` (fill quantities), `transaction_hash` (trade identification)

### Component B: XRPL AMM trading volume extraction

- **Purpose**: Capture swap volumes from automated market maker pools using a reserve-delta approach
- **Logic**: Reserve state changes are tracked across all transactions affecting XRPL AMM pools. For each pool, the previous reserve levels are computed using window functions ordered by block timestamp and transaction index. Swap volumes are inferred by calculating the absolute change in reserves between consecutive states, filtering to only `Payment` and `OfferCreate` transaction types that represent actual swaps. Liquidity provision operations are excluded by the lag computation spanning all transaction types. Pools on the denylist (pools with extreme price-reserve imbalances exceeding 5000x) are excluded. Fee rates are joined from fee configuration events, with the most recent applicable fee rate selected per swap.
- **Key fields**: `reserve_0`, `reserve_1` (pool reserves), `previous_reserve_0`, `previous_reserve_1` (prior state), `delta_0`, `delta_1` (reserve changes representing swap amounts), `trading_fee` (pool fee rate)

### Component C: USD conversion and product aggregation

- **Purpose**: Normalize native asset volumes to USD and aggregate across products
- **Logic**: For each trade or swap, both sides of the pair are converted to USD by joining end-of-day asset prices. The lesser of the two USD values is selected as the trading volume to avoid double-counting. Volumes are summed by day, product (XRPL CLOB or XRPL AMM), and chain. Only positive volumes are retained in the final output.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value of spot trades executed on the exchange.

XRP LedgerXRP

Trading volume

Trading volume

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