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XRP Ledger order-book volume has increased 79% year over year in the second quarter of 2026, even as the number of daily trading accounts has fallen 40%, according to Evernorth.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n Evernorth\u2019s Q2 2026 XRP Liquidity Report<\/a> showed that fewer accounts were responsible for heavier trading activity during the three months through June, creating a more concentrated market even as the amount of value held on the network continued to rise.<\/p>\n Order-book activity averaged 3.57 million XRP per day during the quarter, compared with about 1.99 million XRP a year earlier. Daily accounts initiating order-book trades declined from 1,864 to 1,111 over the same period, leaving each participating account to trade an average of 3,217 XRP per day.<\/p>\n A year earlier, the average account traded 1,072 XRP daily. Evernorth\u2019s figures therefore put the increase in volume per trader at close to threefold, indicating that larger orders offset the drop in the number of active participants.<\/p>\n <\/p>\n Total decentralized exchange volume on the XRP Ledger averaged 4.42 million XRP per day in Q2, about 20% above the same quarter in 2025, the report said. Order books accounted for 81% of that activity, up from 54% a year earlier.<\/p>\n Compared with the first quarter of 2026, however, total trading volume decreased by 16%. Evernorth described Q1 as an unusually active period, making the yearly and quarterly comparisons important when assessing whether the second-quarter pace can continue.<\/p>\n Average daily trading accounts across the XRP Ledger DEX fell to about 2,435, while order-book accounts recorded a steeper 40% decline. The report did not identify individual traders or determine how much of the remaining activity came from institutions, market makers, or automated strategies.<\/p>\n Institution-focused infrastructure may have contributed to the concentration, according to Evernorth, after permissioned domains and permissioned trading features became available in February. Such tools allow approved participants to transact within controlled environments, although the report did not assign a specific portion of Q2 volume to those venues.<\/p>\n The reduced account count also extended beyond trading. Daily transacting accounts averaged 16,587, while new accounts averaged 2,783 per day, with both measures down about 25% year over year.<\/p>\n Evernorth compared the decline with weaker activity across other crypto networks. According to the report, on-chain exchange volume across seven major programmable networks fell 46% from the previous year, while transaction fees paid on Ethereum, BNB Chain, Base, Arbitrum, Polygon, Optimism and Avalanche collectively dropped 38%.<\/p>\n Account counts are among the report\u2019s most retail-sensitive measures, Evernorth said. The simultaneous decline across multiple chains therefore placed XRPL\u2019s lower participation within a marketwide contraction in trading rather than attributing it solely to conditions on the ledger.<\/p>\n Ripple USD activity produced one of the quarter\u2019s largest yearly increases. Evernorth found that average RLUSD balances on the XRP Ledger reached $539 million, rising 642% from $73 million in Q2 2025.<\/p>\n Value moved through RLUSD increased 925% over the same period, while the XRP Ledger\u2019s share of the stablecoin\u2019s total supply grew from 20% to 34%. The report measured quarterly averages, meaning its $539 million balance figure differs from later point-in-time supply readings.<\/p>\n By the end of June, RLUSD supply on XRPL had reached about $676.9 million. The stablecoin continued expanding after the reporting period and passed $1 billion in circulating supply on the ledger on Aug. 28, when it represented about 82% of XRPL\u2019s stablecoin market.<\/p>\n Ripple\u2019s stablecoin also crossed $2 billion in total market value across supported networks in late August, less than two years after its December 2024 launch. As crypto.news previously reported<\/a>, around $963 million was issued on XRPL, and approximately $1.05 billion was held on Ethereum when the total passed that level.<\/p>\n Because RLUSD seeks to maintain a value of $1, increases in its market capitalization mainly represent additional issuance rather than token price gains. Ripple reported $1.98 billion in reserve assets against $1.87 billion in circulation as of Aug. 20, with monthly independent attestations prepared by Deloitte.<\/p>\n Earlier in 2026, Evernorth reported that RLUSD pairs had generated more than $2.5 billion in XRPL trading activity since launch. The RLUSD\/XRP pair contributed about $900 million over six months, while the stablecoin\u2019s share of on-chain trading increased from below 1% to about 12%.<\/p>\n The earlier liquidity findings<\/a> also placed monthly RLUSD trading transactions near 1 million. Each transfer or trade settling natively on XRPL requires network fees paid in XRP, although transaction activity does not automatically show how much lasting demand it creates for the token.<\/p>\n During Q2, RLUSD also expanded through Wormhole\u2019s Native Token Transfers system to Base, Optimism, Ink, Unichain and the XRPL EVM sidechain. Ripple already supported the stablecoin natively on XRPL and Ethereum.<\/p>\n Average value held on the XRP Ledger rose to $4.26 billion during Q2, according to Evernorth, setting the highest quarterly reading in the report\u2019s series. Six quarters earlier, the comparable figure stood at $99 million.<\/p>\n The measure increased in every quarter across that period, even when trading participation weakened. It includes value represented by issued assets on the ledger and is separate from XRP\u2019s total market capitalization, which tracks the circulating token supply multiplied by its market price.<\/p>\n Tokenized assets and stablecoins contributed to the increase. A portion of a tokenized U.S. Treasury fund also completed its on-ledger asset settlement in under five seconds during the quarter, although the reported timing covered the blockchain leg rather than the entire banking and payment process.<\/p>\n RLUSD\u2019s growth formed a large part of the asset increase, while XRP produced a strong market move after Q2 ended. The token gained about 37% in August, rising from a 2026 low of $0.9874 on Aug. 15 to a six-month high of $1.6963 on Aug. 22 before moving back into the $1.35 to $1.50 range near month-end.<\/p>\n U.S.-listed spot XRP exchange-traded funds recorded $110.49 million in net inflows during the week ending Aug. 28, their highest weekly total of 2026. Seven funds had accumulated more than $1.66 billion in net inflows by that point, while combined August trading volume reached $723 million.<\/p>\n Evernorth\u2019s report also carries relevance for U.S. investors because the Ripple-backed company is seeking to become a publicly traded XRP treasury business through a merger with Armada Acquisition Corp. II.<\/p>\n\n\n
XRP Ledger trading has become more concentrated<\/h2>\n
RLUSD liquidity has accelerated on XRPL<\/h2>\n
Value held on XRPL has reached a quarterly record<\/h2>\n
Evernorth\u2019s U.S. listing ties the data to public investors<\/h2>\n