Daily order-book activity on the ledger averaged 3.57 million XRP, up from 1.99 million a year prior. While the total volume climbed, the number of active accounts dropped from 1,864 to 1,111. This consolidation resulted in the average volume per account nearly tripling, rising from 1,072 XRP to 3,217 XRP daily. Analysts suggest this trend reflects broader market conditions, noting that seven major programmable networks experienced a collective 46% decline in exchange volume during the same period.
In section Cryptocurrency
XRP Ledger Trading Concentrates as Participant Numbers Dwindle
The XRP Ledger recorded a 79% surge in order-book volume during the second quarter of 2026, even as the network saw a 40% decline in daily active traders. According to Evernorth, the data suggests a shift toward institutional dominance, where fewer participants are executing significantly larger trade sizes.
Despite the cooling in retail participation, the value held on the ledger reached a quarterly record of $4.26 billion. Much of this growth was driven by the rapid adoption of RLUSD, Ripple’s stablecoin. Average RLUSD balances on the network soared 642% year over year to $539 million. The ecosystem is currently preparing for further institutional integration as Evernorth moves toward a potential Nasdaq listing under the ticker XRPN, pending SEC approval for its merger with Armada Acquisition Corp. II.
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