The XRP Ledger is showing a sharp divergence in network behavior: fewer accounts are doing the trading, but each active account is moving far more value. According to quarterly data shared by Evernorth, an XRP treasury company preparing to list on Nasdaq, order-book trading averaged 3.57 million XRP per day in the second quarter, up 79% from a year earlier. At the same time, the number of accounts initiating those trades fell to about 1,100 per day from more than 1,860, pushing average trading activity to roughly 3,200 XRP per active account each day, almost three times the prior-year level of 1,070 XRP.
The concentration is also visible in the XRP Ledger decentralized exchange. Order-book activity accounted for 81% of DEX trading during the quarter, up from 54% a year earlier. Total DEX volume averaged 4.42 million XRP per day, about 20% higher year over year but down 16% from the first quarter of 2026. The number of assets traded against XRP narrowed to about 319 per day, the lowest level across the six quarters covered by the report.
Broader participation weakened even as value held on the network surged. Accounts transacting on XRP Ledger averaged about 16,600 per day, down 24% from a year earlier, while new accounts fell about 25% to roughly 2,800 per day. Yet tokenized assets averaged $3.72 billion during the quarter, more than double the first-quarter level and more than 30 times their value a year earlier. Including an average $539 million of RLUSD balances, total value held on the network reached about $4.26 billion, compared with only $99 million six quarters earlier.
Ripple’s dollar-backed stablecoin was a major contributor. Average RLUSD supply on XRP Ledger increased to $539 million from $73 million a year earlier, a gain of more than 600%, while the value transferred using the stablecoin rose more than ninefold. The ledger’s share of total RLUSD circulation also increased to 34% from 20%. Institutional infrastructure expanded during the quarter: part of a tokenized U.S. Treasury fund was redeemed with the asset leg settling on XRP Ledger in less than five seconds in May, and permissioned domains were upgraded. U.S. spot XRP ETFs attracted $273 million of net inflows in the quarter.
Separately, a widely shared interoperability chart positions XRP and the Interledger Protocol as complementary layers for global value transfer. The framework presents ILP as an open, neutral, currency-agnostic routing layer connecting banks, wallets, mobile money, digital assets, CBDCs, and payment networks. XRP is assigned the role of bridge liquidity between different financial environments, with the model comparing many direct network-to-network integrations to a simpler structure using shared routing and bridge liquidity. XRP was trading near $1.40 at the time of the analysis, with a reported 24-hour range of roughly $1.38–$1.48.
The combined picture is an XRP Ledger increasingly judged less by raw account growth and more by the size and type of financial activity settling on the network. For investors, the key question is whether higher-value trading, stablecoin growth, and tokenized-asset infrastructure can offset weaker account creation over time.
