XRP Ledger Sees Fewer Active Accounts but Larger Transactions

Daily order-book traders declined by roughly 40% year over year, even as trading volume jumped 79% and the total value held on the XRP Ledger surpassed $4 billion.

The XRP Ledger recorded fewer active accounts in the second quarter than a year earlier, but those still trading through its main order book were handling nearly three times more XRP.

Order-book activity averaged 3.57 million XRP per day during Q2, marking a 79% increase from the same period last year. Meanwhile, the number of accounts initiating trades dropped to around 1,100 per day from more than 1,860.

As a result, each active account traded approximately 3,200 XRP daily, compared with roughly 1,070 XRP a year earlier, according to a quarterly report shared with CoinDesk by Evernorth, an XRP treasury company preparing for a Nasdaq listing.

An account does not necessarily represent a single individual. Trading companies may operate multiple accounts, while individual users can also maintain several. Therefore, the figures cannot determine whether institutional traders are replacing retail participants, but they do show that XRP trading is increasingly concentrated among a smaller pool of active accounts.

The number of assets traded against XRP through the order book also declined, falling to around 319 per day from 480. That represented an 18% year-over-year decrease and the lowest level recorded across the six quarters covered by the report.

At the same time, order-book trading made up a greater portion of activity on the XRP Ledger’s decentralized exchange, or DEX. The DEX allows users to trade directly through the ledger instead of relying on centralized platforms such as Coinbase or Binance. Order-book activity represented 81% of DEX trading during the quarter, compared with 54% a year earlier.

Total DEX volume averaged 4.42 million XRP per day in Q2, approximately 20% higher than a year earlier, although it was 16% lower than the first quarter of 2026.

More Value, Fewer Accounts

Tokenized assets averaged $3.72 billion on the network during the quarter, more than twice the first-quarter figure and over 30 times higher than a year earlier. Combined with average RLUSD balances of $539 million, the total value held on the XRP Ledger reached approximately $4.26 billion.

Six quarters earlier, the figure stood at only about $99 million.

Ripple’s dollar-backed stablecoin, RLUSD, was a major driver of that growth. Its average supply on the XRP Ledger climbed to $539 million from $73 million a year earlier, representing an increase of more than 600%. RLUSD transfer value also grew more than ninefold, raising the ledger’s share of the stablecoin’s total circulating supply from 20% to 34%.

The growth in network value came despite declines across several measures of user activity.

Accounts conducting transactions on the XRP Ledger averaged roughly 16,600 per day during Q2, a 24% decrease from the previous year. New account creation also dropped by around 25%, reaching approximately 2,800 accounts per day.

However, the decline was part of a broader market trend. Onchain exchange volumes across the cryptocurrency sector fell 46% year over year during the quarter, while transaction fees across seven major programmable blockchains declined by 38%.

Infrastructure Designed for Larger Capital

These changes have occurred as new infrastructure is being developed to make the XRP Ledger more suitable for institutional financial activity.

In May, a portion of a tokenized U.S. Treasury fund was redeemed, with the asset leg of the transaction settling on the XRP Ledger in less than five seconds. During the quarter, permissioned domains, which enable institutions to determine who can participate in specific markets, were upgraded alongside the ledger’s multi-purpose token functionality.

CoinDesk reported in August on proposed upgrades that would introduce greater privacy for tokenized assets on the network. The changes would allow balances and transactions to remain confidential while providing issuers, auditors and regulators with controlled access when necessary.

The XRP Ledger’s Ethereum-compatible sidechain also transitioned to actively supported software during the quarter, while RLUSD continued expanding onto additional blockchain networks.

Meanwhile, U.S. spot XRP ETFs attracted $273 million during the quarter, recording net inflows in each of the three months. These products give institutional investors exposure to XRP without requiring them to directly hold the cryptocurrency.

The CLARITY Act, legislation aimed at determining whether assets such as XRP should fall under the regulatory authority of the SEC or CFTC, also advanced after clearing the Senate Banking Committee on May 14.

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