Two cold-call trading pools contributed $2.8 billion to XRPL trading volume , driven by only 185 deals.

According to XRPL.to's September 24th data, 97.24% of the XRP Ledger ((XRPL)) was automatically traded seven days a week (AMM) on trading volume by two interchangeable TIX token pools contributing $2.82 billion in total book value. However, an audit of on-chain showed that these two pools had only 185 transaction records combined within the seven-day window and did not contain any XRP , with a significant discrepancy between large numbers and real trading activity.

The two pools rise almost entirely trading volume

XRPL.to reported that of the 2.82 billion seven-days trading volume , the XPM/TIX pool accounted for 1.68 billion, and the RLUSD / TIX pool more than 1 billion. The two pools were created on September 21 using the same TIX issuer, which is also the creator of the pool.

Within the statistical window, XPM/TIX had 69 trades and RLUSD/TIX 116 for a total of 185. As of September 24th verification, both pools have no transaction records in the last 24 hours.

on-chain What the data reveals

on-chain 's examination of the XPM/TIX pool account shows that its reserves are approximately 1,545 XPM and 9.69 million TIX; RLUSD/TIx accounts have only a fraction of both assets remaining, with XRP being zero.

A payment confirmed by the chain on September 22 provides a reference to actual settlement: The payment went through TIX and two AMM accounts, consumed about 5.89 XPMs, and was ultimately delivered at 0.030177 RLUSD, with accounting metadata recording changes in balances for each pool.

It should be noted that a routing payment can go through multiple pools, and the pool level counts cannot equal independent end-to-end customer payments. 185 transactions only indicate mergers have occurred; it is not possible to prove how many independent traders are involved or determine the value of each transaction.

Why these numbers don't justify XRP buying and selling

XRPL's AMM rules allow pools of funds to exchange two issuing assets without the XRP transaction side, with transactions requiring only payment of a network fee for XRP . Therefore, activity within these two pools cannot be interpreted as someone buying new XRP ...

Different data sources also differ in caliber: the XRPL panel excludes token for pools other than TVL , which is paired with XRP , because such reserves are difficult to price in dollars; the DefiLlama 's page shows seven days of trading volume at $55.1 million, but its adapter uses both XRP pairing and AMM XRP . The indicator for trading volume , which cannot be directly compared to the statistics on token , can be found on XRPR.to

The central uncertainty is how XRPL.to priced each TIX transaction. Before on-chain could reproduce this conversion, the concentration of 97.24% was better understood as a characteristic of some statistical caliber rather than actual trading heat.

What does that mean for XRP holders?

For holders, a more direct signal to judge XRP 's trading needs is that the pool of funds actually held by XRP , has been continuously traded with verifiable reserves and transaction values. Such evidence also distinguishes between single-cycle data pulses and real trading activity that continues after pool aging or initial liquidity changes.

Until such verifiable signals appear, it is not appropriate to directly base XRPL's ecological trading activity on the account of 2.82 billion seven-day trading volume .

(Risk note: This article is for public information only and does not constitute any investment advice.