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XRP Ledger Order Book Dominates AMM with 89% of Trading Volume

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Despite the activation of the Automated Market Maker (AMM) amendment on the XRP Ledger in 2024, the platform's traditional order book continues to handle the vast majority of trading activity, accounting for 89% of 24-hour volume. Recent data shows the order book processed approximately 7.35 million XRP across over 108,000 trades, while AMM pools handled around 912,000 XRP across 42,000 trades. Analysts attribute the order book's dominance to the XRPL's low transaction costs and fast settlement, which make professional market-making economically viable on-chain — unlike most other blockchains where high gas fees push liquidity into passive AMM pools. The XRPL has supported an on-chain central limit order book since 2012, giving it a structural advantage that newer smart-contract chains lack. This dynamic challenges the broader industry assumption that AMMs have become the dominant liquidity venue across all blockchain ecosystems.

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XRP Ledger Order Book Dominates AMM with 89% of Trading Volume · ShortSingh