XRPL Active Accounts Drop as Transaction Sizes and Value Climb

The XRP Ledger recorded a decline in active trading accounts during the second quarter, but the traders who remained active were moving substantially more XRP. Daily order-book traders fell about 40% year over year, while trading volume jumped 79% and the value held on the network exceeded $4 billion.

Average daily order-book volume reached 3.57 million XRP during Q2, up 79% from a year earlier. Meanwhile, the number of accounts initiating those trades dropped to roughly 1,100 per day, compared with more than 1,860 previously.

As participation narrowed, the average amount traded by each account rose to approximately 3,200 XRP per day from around 1,070 XRP a year earlier. The figures come from quarterly data shared by Evernorth, an XRP treasury company preparing to list on Nasdaq.

An account does not necessarily represent a single trader. Institutions can operate multiple accounts, while individuals may also use several accounts. Therefore, the data cannot determine whether institutional traders are replacing retail participants. It does indicate that XRP trading activity is becoming concentrated among a smaller group of accounts.

The number of assets traded against XRP through the order book also decreased. Daily assets fell to about 319 from 480 a year earlier, an 18% decline and the lowest level recorded across the six quarters analyzed.

Order books also represented a growing share of trading on the XRP Ledger’s decentralized exchange. Their contribution rose to 81% of DEX activity during Q2, compared with 54% a year earlier. The DEX enables users to trade directly through XRPL rather than using centralized exchanges such as Coinbase or Binance.

Total DEX volume averaged 4.42 million XRP per day, representing a 20% increase from a year earlier but a 16% decline from Q1 2026.

Value on XRPL Surges

While the number of active users declined, the value represented on the XRP Ledger increased dramatically.

Tokenized assets averaged $3.72 billion during the quarter, more than twice the first-quarter level and over 30 times higher than a year earlier. Including average RLUSD balances of $539 million, the total value held on XRPL reached approximately $4.26 billion.

That compares with just $99 million six quarters earlier.

RLUSD was a major contributor to the growth. Average RLUSD supply on the XRP Ledger increased from $73 million a year earlier to $539 million, marking growth of more than 600%. The value of RLUSD transfers also rose more than ninefold, increasing XRPL’s share of total RLUSD circulation to 34% from 20%.

The rise in network value came despite weaker user activity across several metrics.

Daily transacting accounts averaged about 16,600 in Q2, down 24% from a year earlier. New accounts also declined roughly 25% to around 2,800 per day.

The slowdown reflected a broader trend across crypto markets. Onchain exchange volume throughout the sector declined 46% year over year, while transaction fees across seven major programmable blockchains dropped 38%.

XRPL Strengthens Institutional Infrastructure

The changing activity profile comes as the XRP Ledger continues adding infrastructure aimed at supporting institutional financial markets.

In May, a portion of a tokenized U.S. Treasury fund was redeemed, with the asset side settling on XRPL in less than five seconds. During the quarter, permissioned domains were upgraded to give institutions more control over participation in specific markets, while the ledger’s multi-purpose token capabilities also received improvements.

Proposed changes reported by CoinDesk in August could introduce additional privacy for tokenized assets. The upgrades would allow balances and transfers to remain confidential while still enabling issuers, auditors and regulators to access selected information.

XRPL’s Ethereum-compatible sidechain also transitioned to actively maintained software during the quarter, while RLUSD expanded to several additional blockchain networks.

Institutional access to XRP has also grown through U.S. spot XRP ETFs. The funds attracted $273 million during Q2 and recorded net inflows in each month of the quarter, allowing investors to gain XRP exposure without directly holding the cryptocurrency.

Regulatory clarity could further influence institutional adoption. The CLARITY Act, which seeks to establish whether assets such as XRP fall under SEC or CFTC oversight, cleared the Senate Banking Committee on May 14.