XRP Ledger’s AMM TVL Jumps to $7.7 Million Amid Growth
  • XRP Ledger AMM Total Value Locked (TVL) has maintained a steady upward trend amid a long-term bullish outlook, surpassing $7.7 million.
  • Besides XRP, the AMM boasts other coins such as USDC, Bitcoin (BTC), Sologenic (SOLO), MAG, and USD.

The Ripple network continues to expand and experience impressive growth, driven by the growth of the XRP Ledger (XRPL) ecosystem, with recent data showing that Automated Market Maker (AMM) Total Value Locked (TVL) has risen 51% in just over two weeks to surpass 15 million XRP tokens.

Notably, TVL increased by approximately 1.3 million XRP in a single day, following an increase of 1.1 million tokens over three days, with both milestones indicating a rapid increase in interest.

According to recent data, these additions bring the total TVL locked in various XRPL AMM pools to 15.6 million XRP (worth $7.7 million).

Importantly, the 15.6 million XRP represents the total value of various cryptocurrencies locked within the XRPL AMM, not just XRP. This total includes USDC, Bitcoin (BTC), Sologenic (SOLO), MAG, and USD. According to data from XRP Explorer, the amount of pure XRP tokens in the AMM pool is around 7.83 million.

The rapid growth in a short period of time is indicative of renewed interest, but many are unable to pinpoint the main reason. Neil Hartner, software engineer at Ripple Payments, said: pointed We can see that this week’s TVL increase was primarily driven by the Magnetic X (MAG) pool, which led the way with TVL of around 4.8 million XRP, up 35% from the previous day.

Additionally, the APY is 9.58%, which is slightly lower than its closest competitor, XGO Pool (TVL is 1.8 million XRP).

Despite this impressive growth, the price of XRP continues to stagnate. At the time of writing, XRP is trading at $0.4783. 2% decrease weekend.

In an effort to increase transparency, the XRP community recently released key details about the supply and distribution that Ripple outlined in 2014. The document revealed that the company intends to retain 25 billion XRP (25% of the total supply) as an operating fund and “hopefully make a profit.” The remaining 75 billion XRP will be distributed to the market to encourage participants, such as market makers, consumers, and gateways, to utilize the XRP ledger and ecosystem dApps.

As highlighted by Crypto News Flash, the ongoing Ripple vs. SEC lawsuit continues to have a major impact on XRP price movements. Legal experts continue to predict a complete victory for Ripple, and key developments surrounding the lawsuit support this view.

On June 20, Ripple Labs Inc. won a major victory in its federal class action lawsuit, when Judge Phyllis J. Hamilton issued a summary judgment dismissing both the federal and state class action lawsuits alleging that XRP was sold as an unregistered security.

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