XRP Ledger Order Book Handles 88% of Volume Despite 2024 AMM Launch
Since the AMM amendment activated on the XRP Ledger in 2024, trading volume has remained dominated by its central limit order book rather than migrating to AMM pools. Current 24-hour data shows the order book accounting for roughly 88% of total volume at 3.03 million XRP, while AMM pools processed about 406,700 XRP. Interestingly, AMM pools handled more individual trades — 32,707 versus 26,418 — but with far smaller average trade sizes, suggesting large orders favour the book while small ones use pools. Analysts attribute the order book's dominance to XRPL's near-zero cancellation fees and three-to-four-second finality, which make professional market-making economically viable on-chain. This contrasts with most other blockchains, where high gas costs pushed liquidity into passive AMM curves as a practical workaround.
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