A. The market

How CULT's price is made

The pool that sets the price, and which kinds of transaction moved it, by how much.

Published: October 2, 2026
Ledger index: 107030551

How a pool sets the price
What moved the price, by kind of transaction
The kinds of transaction that trade CULT
Pool or order book
The pool's fee

CULT's price is made in one place above all: the CULT/XRP pool, rwyUJtAL1pAUhSnoNhuWm4edjTanGUyvFH (CULT/XRP pool). This article shows how that pool sets the price, what kinds of transaction move it, and by how much each kind has moved it over the pool's whole life.

How a pool sets the price

Table 1. The CULT/XRP pool right now.

XRP inside	CULT inside	price (XRP per CULT)	trading fee	when
63,783.00	428.093541	148.993147	1.00%	2026-09-16 18:28:20 UTC

every row: download pool-now.csv.

The price is the XRP the pool holds divided by the CULT it holds. Whatever changes either balance changes the price: buying CULT from the pool or taking CULT out of it pushes the price up; selling CULT into it or putting CULT in pushes it down; putting both in, or taking both out, at the pool's own ratio leaves it where it was.

The XRP the pool held at the end of each day.

The CULT the pool held at the end of each day.

What moved the price, by kind of transaction

Every transaction that changed the pool's balances changed its price by a factor — after divided by before. Multiplied together, those factors give the whole move. On a logarithmic scale they add up, so each kind of transaction's share of a move can be stated exactly. The pool opened at 0.102649 XRP per CULT, reached its highest price, 290.9880, at 2026-06-17 14:50:31 UTC, and stands at 148.9931 now. The tables below split three stretches: from opening to the peak, from the peak to now, and the whole life. They cover every account, not any one holder.

How to read the shares: each kind's share is its own logarithmic move divided by the stretch's whole logarithmic move, so the shares always add up to exactly 100% — the last row of each table shows it. A kind that pushed the price the other way has a negative share, which is why one kind can show more than 100%, or close to it, while others show minus signs: the rises of one kind pay for the falls of another. For example, a share of 150% next to a share of −50% means the first kind alone would have moved the price half as far again as it actually went, and the second kind took that half back.

Table 2. Every change in the CULT/XRP pool's price from opening to the peak (0.102649 to 290.9880 XRP per CULT, ×2,834.790), by kind of transaction.

kind of transaction	transactions	share of the whole move	multiplied the price by	all the rises multiplied it by	all the falls multiplied it by
single-asset pool withdrawal (CULT only)	2,072	83.81%	×782.342	×782.342	×1.000
offer that traded with the pool	1,223	52.51%	×65.006	×16,856.066	×0.004
swap or payment through the pool	32,966	-45.70%	×0.026	×10^12.0	×10^-13.5
single-asset pool deposit (XRP only)	1,461	33.65%	×14.519	×14.519	×1.000
single-asset pool deposit (CULT only)	208	-15.08%	×0.302	×1.000	×0.302
single-asset pool withdrawal (XRP only)	157	-9.20%	×0.481	×1.000	×0.481
two-asset pool deposit	2,125	0.00%	×1.000	×1.000	×1.000
two-asset pool withdrawal	818	0.00%	×1.000	×1.000	×1.000
all kinds together	41,030	100.00%	×2,834.790	×10^20.3	×10^-16.8

every row: download price-moves-by-kind-to-peak.csv.

Table 3. Every change in the CULT/XRP pool's price from the peak to now (290.9880 to 148.9931 XRP per CULT, ×0.512), by kind of transaction.

kind of transaction	transactions	share of the whole move	multiplied the price by	all the rises multiplied it by	all the falls multiplied it by
swap or payment through the pool	3,848	116.48%	×0.459	×2.451	×0.187
single-asset pool deposit (CULT only)	69	88.63%	×0.553	×1.000	×0.553
single-asset pool withdrawal (CULT only)	114	-79.27%	×1.700	×1.700	×1.000
offer that traded with the pool	186	-28.87%	×1.213	×1.295	×0.937
single-asset pool withdrawal (XRP only)	11	3.44%	×0.977	×1.000	×0.977
single-asset pool deposit (XRP only)	9	-0.41%	×1.003	×1.003	×1.000
two-asset pool withdrawal	48	0.00%	×1.000	×1.000	×1.000
two-asset pool deposit	51	0.00%	×1.000	×1.000	×1.000
all kinds together	4,336	100.00%	×0.512	×5.411	×0.095

every row: download price-moves-by-kind-from-peak.csv.

Table 4. Every change in the CULT/XRP pool's price the whole life (0.102649 to 148.9931 XRP per CULT, ×1,451.484), by kind of transaction.

kind of transaction	transactions	share of the whole move	multiplied the price by	all the rises multiplied it by	all the falls multiplied it by
single-asset pool withdrawal (CULT only)	2,186	98.80%	×1,329.951	×1,329.951	×1.000
swap or payment through the pool	36,814	-60.61%	×0.012	×10^12.4	×10^-14.3
offer that traded with the pool	1,409	59.99%	×78.866	×21,832.064	×0.004
single-asset pool deposit (XRP only)	1,470	36.79%	×14.559	×14.559	×1.000
single-asset pool deposit (CULT only)	277	-24.61%	×0.167	×1.000	×0.167
single-asset pool withdrawal (XRP only)	168	-10.36%	×0.470	×1.000	×0.470
two-asset pool deposit	2,176	0.00%	×1.000	×1.000	×1.000
two-asset pool withdrawal	866	0.00%	×1.000	×1.000	×1.000
all kinds together	45,366	100.00%	×1,451.484	×10^21.0	×10^-17.8

every row: download price-moves-by-kind-all.csv.

The rises and falls columns show how much each kind pushed the price up and down along the way. What is left over, in the column headed “multiplied the price by”, is what that kind of transaction did to the price in the end.

The kinds of transaction that trade CULT

Table 5. Every transaction that moved CULT, grouped by what it did to its sender's own CULT balance, the most common first.

what the transaction was	transactions	share
swap: bought CULT	59,393	40.12%
swap: sold CULT	49,885	33.70%
swap between two other assets, routed through CULT	36,041	24.35%
OfferCreate crossed at once: sold CULT	1,241	0.84%
OfferCreate crossed at once: bought CULT	1,228	0.83%
payment to another account using CULT only as part of a route	209	0.14%
OfferCreate using CULT only as part of a route	13	0.01%
payment to another account, paid with CULT	6	0.00%
payment to another account, delivered as CULT	5	0.00%

every row: download trade-kinds.csv.

Pool or order book

Table 6. CULT against XRP each month, in the CULT/XRP pool and on the order book only. The market article's month table counts every pool and every pair.

month	trades with the pool	trades on the order book	CULT traded with the pool	CULT traded on the order book	pool's share
2024-11	2,468	378	35,324.782009	4,185.149435	89.41%
2024-12	1,726	412	5,085.177350	448.403323	91.90%
2025-01	1,377	311	2,262.505834	227.299181	90.87%
2025-02	1,445	244	1,651.017058	102.264592	94.17%
2025-03	712	127	647.292977	42.938968	93.78%
2025-04	887	119	789.264041	212.444075	78.79%
2025-05	1,736	313	2,049.588465	158.819008	92.81%
2025-06	927	278	790.367792	98.725217	88.90%
2025-07	1,012	339	424.447638	35.373714	92.31%
2025-08	609	42	190.118314	5.189970	97.34%
2025-09	1,078	102	286.998897	26.487795	91.55%
2025-10	3,364	459	588.187165	32.613311	94.75%
2025-11	1,826	79	409.499946	41.094474	90.88%
2025-12	854	41	94.117164	10.409897	90.04%
2026-01	905	30	75.487905	7.003877	91.51%
2026-02	3,514	85	352.470393	54.141470	86.68%
2026-03	2,445	67	267.673888	38.389521	87.46%
2026-04	4,019	174	583.624295	111.825944	83.92%
2026-05	1,837	33	117.777355	11.157570	91.35%
2026-06	2,475	138	171.022991	23.493839	87.92%
2026-07	1,668	87	267.849893	12.610140	95.50%
2026-08	739	837	119.282726	66.039008	64.37%
2026-09	600	562	124.540182	51.264140	70.84%

every row: download pool-or-book.csv.

The pool's fee

Table 7. Every fee the pool's LP-token holders set by vote, the opening fee first; a vote that left the fee where it was is still listed.

when	trading fee	transaction
2024-11-05 03:47:21 UTC	1.00%	`A2C7359B3609D5C3FA9542FCD879C46263E8E1B5FA98642AD8F7D13F6CF10DF8`
2025-05-06 23:31:40 UTC	0.85%	`AA700E7D6FAE9D2BD9EFE4CC32960A4D6DBF966B55370A36CF4F8CDD4B05371E`
2025-05-07 02:21:32 UTC	0.80%	`B107DFED22EC5342F8498F01D6A5018E8961D55DC93EFF1A427CDAB65A6EFB5D`
2025-05-07 02:21:50 UTC	0.72%	`41BB45D6A83211B7C2D84CBD41EA43FC629B534CC7E0A1FCBC03A8C13A0AF33A`
2025-05-07 02:22:01 UTC	0.71%	`AF90764A32461F5B6904188CDDF5B2C8753C065183C59753EF5E006F36A4064D`
2025-05-07 02:37:50 UTC	0.67%	`9E2AEC05FDA1C278C629C0E2440886D81A4E7D44F822232C72A5A9B16975E383`
2025-05-07 03:28:50 UTC	0.62%	`70B60721B6ED31F2C9276EA378F69963B39682933EB68C3F8EFA428FDC93688F`
2025-05-07 03:37:01 UTC	0.58%	`A811B0D0092F1C39B0FF4DFDD5B7C20436C254EC9342DE9352744AFA9214F083`
2025-05-07 06:21:31 UTC	0.56%	`11943B3F749D5D294E7EE7347B2527E86548F58D05917815B55C693C3FBCAA52`
2025-05-08 15:21:30 UTC	0.56%	`F1DA876F4C7FD11A41971C0FAFD8D37B7F47B3302883340ED1620FD4AF9CAA6D`
2025-05-09 11:08:00 UTC	0.47%	`ACC226DF40DE11981935085241939EC57104A96FF0B0A2F67184A905F9311989`
2025-05-09 11:17:31 UTC	0.39%	`E2CE23D56AF556E02F1582D09A62D6098333914EA422D336EF3EEDB6569C2278`
2025-05-11 20:43:32 UTC	0.43%	`79B5F82A5A7B80D89930C9166E59455A280B2A6F8A54DD42495C38316ECFB13C`
2025-05-12 05:37:41 UTC	0.46%	`65048BAFDEC3A98490C738FF5339120FD14C1A33A3A8B17A35CBEB0907B0B385`
2025-05-12 05:38:12 UTC	0.48%	`96F5DF78A425C235408B6B19D0B347333A05653059092FCDB790840165F6133C`
2025-05-13 00:52:01 UTC	0.50%	`F3D1C78C7936BC4168EA863C997C0A0F9AFB434F5BB096FB19CE976E84CFFA29`
2025-05-13 11:55:51 UTC	0.65%	`3D6955E6B554EBCD11C4110CE06D3C43AE729669D3E237488002D18D28243909`
2025-05-13 12:47:41 UTC	0.68%	`EB1B4EC904FE6AECCBCCB14360A9C4DE3847BC30DE5B6989C005C8043CF7C3B2`
2025-05-13 22:01:50 UTC	0.68%	`781E06E14013A6A09E0B7B3DAECD2D72579060F03D59622259229BD3557AAEB1`
2025-05-15 01:21:31 UTC	0.69%	`72765DF9CDA8C68BECB1D705F0DF39412E1B71AD94484070AF58BE213D92080A`
2025-05-17 01:39:20 UTC	0.67%	`7A99CF42E22674BFFB89051D798F566C79D9E384716F5EF8DDF9DE51C4B9B2FA`
2025-05-17 03:54:10 UTC	0.67%	`66C8E6D2D1CD5449FC9804F277D10AA988A9A99D37AB695F47976582B5770889`
2025-05-20 11:31:20 UTC	0.68%	`B25DDD3D7A5CBC90F845271D4FEE870D32B5D130467BFC26C2C6FC262EF22341`
2025-05-21 01:55:50 UTC	0.86%	`E8E30DD4130D3BCD807E0683C4526968D81A39FF50739F16F91741937A9D13BC`
2025-05-28 04:37:22 UTC	0.86%	`55469EFC2EC01BC99032B4FEA1C5C5CA700B54053FF0F663AF5D92918CCF502E`
2025-06-03 15:43:00 UTC	0.87%	`3A718F78D696F4835CFEE5904E8BACB3CA779F6EB9FF4C55271072861F1DDF03`
2025-06-15 05:59:41 UTC	0.86%	`28B24EA305B0AA8A6A8638AE6CAC89CE1A3B8A631BFB40B8B0CC723BD37A2D58`
2025-06-18 01:10:12 UTC	0.81%	`B7E9DFF815C241298250A44E258D61589623A1A69CD172FA5E8FC9CB538F6327`
2025-06-26 08:38:40 UTC	0.82%	`ED7D82F900D1BFD3A45931879D253A89A7DFAC72E53B99C7372E2EB077268EE1`
2025-06-28 13:18:20 UTC	0.82%	`3B80CE2741AD32A4E23224D30FB56DD63F0F6BBC96CD4B9378931C055D6BB521`
2025-06-30 02:55:10 UTC	0.82%	`21E1C0D834C34D8A87ADB00769566E667E65FA4165164A3DB143475232EE05DE`
2025-06-30 16:31:50 UTC	0.82%	`162D4D60DD78E007D1C561AA0C3561B2C266DCFE1098B2C3E3CE9D9D69DA5099`
2025-07-03 02:16:11 UTC	0.82%	`78564D048F056A88007DA31E9577ECBE7CCD80D9774C2DA720316218FF9C3C32`
2025-07-04 02:01:01 UTC	0.83%	`1B3FA3FE1276B22E6C258D52D7A19BEB4C10CD7376160D824738B7532B40533E`
2025-07-06 08:42:31 UTC	0.83%	`8AA4F0B7BA7419F2819ABE4371FD46B62D8CBA6C07EBBDCC7E21074ED5C65353`
2025-07-07 22:18:11 UTC	0.85%	`A714C78839EFA3B2F0F9918A7545466CB3CCE44C857A01C8B3392A6F6876A634`
2025-07-07 22:18:12 UTC	0.86%	`90D4F2337A104C8F8A21DA250081A2F6A2D6CF651E43FC12EB990DD1B4AB580B`
2025-07-07 22:28:12 UTC	1.00%	`ED84CBAE9020BCFDD2B1913C9CB18805CC7E3F0B9AB220EF8CEC24B5593CE4F6`
2025-10-04 06:02:11 UTC	0.98%	`6B5B522B609B3069219009A168B27C2BFA5F1CC7AA373349A78ECD9CE7E8C814`
2025-10-14 17:49:42 UTC	1.00%	`40541D606385176156D9F1B54E7AEA17E402D883B701E01A0FBE42B6ABE5C584`

every row: download pool-fee.csv.

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