XRP Ledger order-book volume rose 79% year over year in Q2 2026 even as the number of active traders fell 40%, according to Evernorth. Fewer accounts drove more volume each, while RLUSD balances and total value held on the ledger both rose.
XRP Ledger order-book volume averaged 3.57 million XRP per day in Q2 2026, up 79% from about 1.99 million XRP a year earlier. Yet the number of daily accounts initiating order-book trades dropped from 1,864 to 1,111 over the same period, according to Evernorth's Q2 2026 XRP Liquidity Report.
The shrinking trader base pushed each participating account to trade far more. Average volume per account nearly tripled to 3,217 XRP per day, up from 1,072 XRP a year earlier, Evernorth said, indicating that larger orders offset the drop in active participants.
XRPL trading has become more concentrated
Total decentralized exchange volume on the XRP Ledger averaged 4.42 million XRP per day in Q2, about 20% above the same quarter in 2025. Order books accounted for 81% of that activity, up from 54% a year earlier.
However, total trading volume decreased 16% compared with the first quarter of 2026, which Evernorth described as an unusually active period. Average daily order-book accounts recorded a 40% decline, while daily transacting accounts across the ledger averaged 16,587 and new accounts averaged 2,783 per day, both down about 25% year over year.
Evernorth said institution-focused infrastructure may have contributed to the concentration, after permissioned domains and permissioned trading features became available in February. The report placed XRPL's lower participation within a marketwide contraction, noting that on-chain exchange volume across seven major programmable networks fell 46% from the previous year.
RLUSD liquidity has accelerated on XRPL
Stablecoin activity from Ripple USD produced one of the quarter's largest yearly increases. Average RLUSD balances on the XRP Ledger reached $539 million, rising 642% from $73 million in Q2 2025, Evernorth found.
Value moved through RLUSD increased 925% over the same period, while the ledger's share of the stablecoin's total supply grew from 20% to 34%. By the end of June, RLUSD supply on XRPL had reached about $676.9 million, and the stablecoin later passed $1 billion in circulating supply on the ledger on Aug. 28.
Value held on XRPL has reached a quarterly record
Average value held on the XRP Ledger rose to $4.26 billion during Q2, the highest quarterly reading in the report's series, up from $99 million six quarters earlier. The measure includes value represented by issued assets and is separate from XRP's market capitalization.
RLUSD's growth formed a large part of the asset increase, while XRP produced a strong market move after Q2 ended. The token gained about 37% in August, rising from a 2026 low of $0.9874 on Aug. 15 to a six-month high of $1.6963 on Aug. 22 before moving back into the $1.35 to $1.50 range near month-end.
U.S.-listed spot XRP exchange-traded funds recorded $110.49 million in net inflows during the week ending Aug. 28, their highest weekly total of 2026. Seven funds had accumulated more than $1.66 billion in net inflows by that point.
Source: Evernorth
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