Blockchain analytics platform CryptoQuant has discovered significant growth in XRP Ledger (XRPL) Automated Market Marker (AMM) liquidity. This surge was particularly noticeable in AMMDeposit and AMMCreate.
According to the marketing manager of Catalyze Research, Wenry Seoul, AMMDeposit saw a 62.35% increase. This surge pushed it from 14,971 to 24,306.
Bullish Sentiment Around XRP Ledger
AMMCreate also rose by 143.10%, moving from 58 to 141. AMMVote and AMMWithdraw also increased by 65.22% and 42.97%, respectively. On the other hand, AMMBid, a measure of orders placed on DEXs on XRPL, dropped by 81.82%. This plunge fueled a drop in value or count from 22 to 4.
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Even with this huge drop witnessed by AMMBid, the rise in liquidity deposits indicates investors’ confidence in existing pools.
Among the several positive sentiments in the XRPL ecosystem, Wenry noted that the protocol’s daily transaction volume closely competes with major Layer-1 networks. Regarding the volume of accounts created, the XRP Ledger saw an increase of 10.39% to 18,321 between September 15 and October 15. However, total transactions dropped 17.57% to 18.82 million.
Additionally, payments processed fell by 26.16% to rest at 6.81 million. On the brighter side, active wallets rose 14.19%, averaging 10,887. This underscores the continued user engagement on the platform.
Ripple Prepares For RLUSD Launch
Meanwhile, this sentiment comes as the ecosystem prepares for the official launch of Ripple’s United States dollar-pegged stablecoin RLUSD. Speculation about the exact launch date of the stablecoin keeps building up. During the Ripple Swell 2024 conference, which recently held in Miami, Ripple announced the first wave of partners and exchanges for the launch of RLUSD.
These entities will support the stablecoin once it receives regulatory approval from the New York Department of Financial Services (NYDFS). The blockchain payments firm appointed former FDIC Chair Sheila Bair and former CENTRE Consortium CEO David Puth to the RLUSD Advisory board.
Other partners are Bitstamp, Bitso, Bullish, CoinMENA, MoonPay, Uphold, and Independent Reserve.
Their exchange’s core responsibility is to distribute the token. As announced, B2C2 and Keyrock will serve as market makers, facilitating the creation of liquidity and adoption across global markets. Ripple also recently partnered with the International Rescue Committee (IRC), a move that has attracted the attention of XRP holders.
All of these activities surrounding RLUSD may redirect attention toward the XRP Ledger and fuel more ecosystem adoption
In related news, Peersyst, a Ripple partner developing the XRP Ledger EVM sidechain, announced the launch of XRPL Snap for MetaMask. This new addition allows developers to expand the functionality of the MetaMask wallet. The link-up creates a unique opportunity for the adoption and management of XRP Ledger assets in the Metamask crypto wallet.
Besides its partnership with MetaMask, XRPL recently rolled out two major amendments, “fixEmptyDID” and “fixPreviousTxnID.”
The “fixEmptyDID” amendment halted the creation of empty DID ledger entries. Conversely, the “fixPreviousTxnID” upgrade improved transaction tracking.
