$XRP Ledger order-book quantity has elevated 79% 12 months over 12 months within the second quarter of 2026, even because the variety of each day buying and selling accounts has fallen 40%, in keeping with Evernorth.
Evernorth’s Q2 2026 $XRP Liquidity Report confirmed that fewer accounts have been accountable for heavier buying and selling exercise throughout the three months by June, making a extra concentrated market whilst the quantity of worth held on the community continued to rise.
Order-book exercise averaged 3.57 million $XRP per day throughout the quarter, in contrast with about 1.99 million $XRP a 12 months earlier. Each day accounts initiating order-book trades declined from 1,864 to 1,111 over the identical interval, leaving every collaborating account to commerce a mean of three,217 $XRP per day.
A 12 months earlier, the common account traded 1,072 $XRP each day. Evernorth’s figures due to this fact put the rise in quantity per dealer at near threefold, indicating that bigger orders offset the drop within the variety of energetic contributors.
$XRP Ledger buying and selling has change into extra concentrated
Whole decentralized alternate quantity on the $XRP Ledger averaged 4.42 million $XRP per day in Q2, about 20% above the identical quarter in 2025, the report stated. Order books accounted for 81% of that exercise, up from 54% a 12 months earlier.
In contrast with the primary quarter of 2026, nonetheless, complete buying and selling quantity decreased by 16%. Evernorth described Q1 as an unusually energetic interval, making the yearly and quarterly comparisons necessary when assessing whether or not the second-quarter tempo can proceed.
Common each day buying and selling accounts throughout the $XRP Ledger DEX fell to about 2,435, whereas order-book accounts recorded a steeper 40% decline. The report didn’t establish particular person merchants or decide how a lot of the remaining exercise got here from establishments, market makers, or automated methods.
Establishment-focused infrastructure could have contributed to the focus, in keeping with Evernorth, after permissioned domains and permissioned buying and selling options turned accessible in February. Such instruments permit permitted contributors to transact inside managed environments, though the report didn’t assign a selected portion of Q2 quantity to these venues.
The lowered account rely additionally prolonged past buying and selling. Each day transacting accounts averaged 16,587, whereas new accounts averaged 2,783 per day, with each measures down about 25% 12 months over 12 months.
Evernorth in contrast the decline with weaker exercise throughout different crypto networks. In keeping with the report, on-chain alternate quantity throughout seven main programmable networks fell 46% from the earlier 12 months, whereas transaction charges paid on Ethereum, BNB Chain, Base, Arbitrum, Polygon, Optimism and Avalanche collectively dropped 38%.
Account counts are among the many report’s most retail-sensitive measures, Evernorth stated. The simultaneous decline throughout a number of chains due to this fact positioned XRPL’s decrease participation inside a marketwide contraction in buying and selling relatively than attributing it solely to situations on the ledger.
$RLUSD liquidity has accelerated on XRPL
Ripple USD exercise produced one of many quarter’s largest yearly will increase. Evernorth discovered that common $RLUSD balances on the $XRP Ledger reached $539 million, rising 642% from $73 million in Q2 2025.
Worth moved by $RLUSD elevated 925% over the identical interval, whereas the $XRP Ledger’s share of the stablecoin’s complete provide grew from 20% to 34%. The report measured quarterly averages, that means its $539 million steadiness determine differs from later point-in-time provide readings.
By the tip of June, $RLUSD provide on XRPL had reached about $676.9 million. The stablecoin continued increasing after the reporting interval and handed $1 billion in circulating provide on the ledger on Aug. 28, when it represented about 82% of XRPL’s stablecoin market.
Ripple’s stablecoin additionally crossed $2 billion in complete market worth throughout supported networks in late August, lower than two years after its December 2024 launch. As crypto.information beforehand reported, round $963 million was issued on XRPL, and roughly $1.05 billion was held on Ethereum when the entire handed that stage.
As a result of $RLUSD seeks to take care of a price of $1, will increase in its market capitalization primarily characterize further issuance relatively than token value good points. Ripple reported $1.98 billion in reserve belongings in opposition to $1.87 billion in circulation as of Aug. 20, with month-to-month unbiased attestations ready by Deloitte.
Earlier in 2026, Evernorth reported that $RLUSD pairs had generated greater than $2.5 billion in XRPL buying and selling exercise since launch. The $RLUSD/$XRP pair contributed about $900 million over six months, whereas the stablecoin’s share of on-chain buying and selling elevated from under 1% to about 12%.
The sooner liquidity findings additionally positioned month-to-month $RLUSD buying and selling transactions close to 1 million. Every switch or commerce settling natively on XRPL requires community charges paid in $XRP, though transaction exercise doesn’t mechanically present how a lot lasting demand it creates for the token.
Throughout Q2, $RLUSD additionally expanded by Wormhole’s Native Token Transfers system to Base, Optimism, Ink, Unichain and the XRPL EVM sidechain. Ripple already supported the stablecoin natively on XRPL and Ethereum.
Worth held on XRPL has reached a quarterly file
Common worth held on the $XRP Ledger rose to $4.26 billion throughout Q2, in keeping with Evernorth, setting the best quarterly studying within the report’s sequence. Six quarters earlier, the comparable determine stood at $99 million.
The measure elevated in each quarter throughout that interval, even when buying and selling participation weakened. It contains worth represented by issued belongings on the ledger and is separate from $XRP’s complete market capitalization, which tracks the circulating token provide multiplied by its market value.
Tokenized belongings and stablecoins contributed to the rise. A portion of a tokenized U.S. Treasury fund additionally accomplished its on-ledger asset settlement in underneath 5 seconds throughout the quarter, though the reported timing coated the blockchain leg relatively than your entire banking and cost course of.
$RLUSD’s progress shaped a big a part of the asset enhance, whereas $XRP produced a robust market transfer 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 excessive of $1.6963 on Aug. 22 earlier than transferring again into the $1.35 to $1.50 vary close to month-end.
U.S.-listed spot $XRP exchange-traded funds recorded $110.49 million in internet inflows throughout the week ending Aug. 28, their highest weekly complete of 2026. Seven funds had collected greater than $1.66 billion in internet inflows by that time, whereas mixed August buying and selling quantity reached $723 million.
Evernorth’s U.S. itemizing ties the information to public buyers
Evernorth’s report additionally carries relevance for U.S. buyers as a result of the Ripple-backed firm is looking for to change into a publicly traded $XRP treasury enterprise by a merger with Armada Acquisition Corp. II.
Beneath an amended SEC registration, the proposed firm expects to checklist on Nasdaq underneath the ticker XRPN if the transaction closes. Investor commitments exceed $1 billion and embody Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.
Evernorth beforehand disclosed $387.1 million in $XRP holdings, whereas Ripple contributed greater than 126.7 million $XRP to the treasury plan. The corporate has additionally stated it plans to function XRPL validators, use $RLUSD in institutional decentralized finance companies, and assist tokenized real-world belongings.
The SEC should declare the registration assertion efficient earlier than Armada Acquisition Corp. II shareholders can vote on the enterprise mixture. The submitting remained underneath SEC employees overview, with the regulator offering feedback on the proposed transaction.
