The XRP Ledger passed 5 billion validated transactions, but new data shows the activity behind that milestone is concentrated among a small number of automated accounts. Bitquery found 793 sender accounts generated 93.2% of August traffic, while Evernorth's quarterly figures show fewer traders moving larger amounts of XRP.
XRP Ledger (XRPL) crossed 5 billion transactions, but 793 sender accounts generated 75.98 million of the network's 81.56 million August transactions, or 93.2% of the month's activity, according to Bitquery. The firm classified 767 of those accounts as machines, responsible for 92% of all transactions, while 26 exchange hot wallets contributed another 1.1%.
The concentration extends beyond raw counts. Evernorth Research found that XRPL order-book trading volume rose 79% from a year earlier in the second quarter even as the number of accounts initiating those trades fell about 40%. Evernorth said part of that shift could reflect professional traders taking a larger share of flow.
One account placed nearly 13 million orders
The gap between activity and execution shows clearly at the account level. Bitquery identified one address that generated almost 13 million transactions in August, including 12.79 million decentralized-exchange orders — yet only 882 of those orders resulted in trades.
Across the ledger, Bitquery counted 2.97 million settled trades on XRPL's built-in exchange from 12,153 accounts in August, a fraction of the more than 81 million total transactions recorded that month. DEX order bots generated 39.25 million transactions, or 48.1% of August traffic, while dust-spraying accounts contributed another 18.79 million. Nearly half of active accounts sent a single transaction, and Bitquery's lower-frequency filter, which excluded dust-level transfers, captured 89.6% of transacting accounts but only 0.8% of total ledger activity.
Fewer traders are moving more XRP
However, Evernorth's quarterly data shows the shrinking participant base has coincided with larger trades and deeper balances. Order-book activity averaged 3.57 million XRP a day in the second quarter, up 79% from a year earlier, while the average number of accounts initiating trades fell to 1,111 a day from 1,864, pushing average volume per trading account to 3,217 XRP from 1,072.
Capital on the network expanded too. Average value held on XRPL reached $4.26 billion in the quarter, the highest level in Evernorth's six-quarter series, while RLUSD balances averaged $539 million, up 642% from a year earlier. Broader participation weakened at the same time, with daily transacting accounts averaging 16,587 and new accounts 2,783, both down about 25% year over year.
Liquidity test moves beyond transaction counts
Evernorth's trading figures count swaps involving XRP and exclude trades between two non-XRP assets, which represented 18% of trades and roughly 9% of value during the second quarter. That leaves exchanges, market makers and token issuers with a more demanding measure of adoption than headline transaction totals — one that depends on whether growing liquidity actually routes through XRP.
Source: CryptoSlate
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