XRP is drawing renewed trader attention after futures volumes hit a six-month high in September, according to CryptoQuant. The jump in derivatives activity suggests market participants are building positions in anticipation of a potential price move, even as spot market signals remain mixed across the broader crypto landscape.
New data from Evernorth's Q2 XRP Liquidity Report reinforces a complex picture: the number of daily accounts initiating trades on XRP Ledger's order book fell about 40% year over year, from 1,864 in Q2 2025 to 1,111 in Q2 2026. Yet average daily order-book volume rose 79%, climbing from roughly 1.99 million XRP to 3.57 million XRP. The average active account traded nearly three times as much XRP per day, up from 1,072 to 3,217 XRP.
Liquidity is becoming concentrated among fewer, larger participants. Order books accounted for 81% of XRPL decentralized exchange volume in Q2, compared with 54% a year earlier. Total DEX volume averaged 4.42 million XRP per day, about 20% higher year over year, though down 16% from the first quarter. Meanwhile, daily transacting accounts fell 24% to around 16,600, and new account creation declined 25% to approximately 2,800 per day.
The value sitting on XRP Ledger has expanded dramatically. Tokenized assets averaged about $3.72 billion in Q2, more than 30 times their level a year earlier, while average RLUSD stablecoin balances reached $539 million, up from $73 million. Combined, these assets brought roughly $4.26 billion in value onto the network. That shift points toward XRPL's evolution from a payments-focused chain into infrastructure for tokenized Treasuries, stablecoins and institutional settlement, even if the data cannot conclusively prove institutions are replacing retail traders.
