XRP is up 30% this month and XRPL's stablecoin base has swelled to $1.1 billion, with monthly DEX volume more than doubling. But a $4.6 million liquidity trial is the real test here — nobody's actually tracking whether XRP is getting routed through it or how long market makers hold their positions. Price action looks great on the surface, but without that data it's hard to say how much of this activity is genuine plumbing versus just numbers going up.