XRP Ledger order-book volume climbed 79% over the past year even as the number of daily traders dropped 40%, according to Evernorth's Q2 2026 report. Fewer accounts are moving more XRP each, while tokenized assets held on the ledger grew 30 times over the same period. XRP itself trades near $1.41, down 50% year-over-year.
XRP Ledger's built-in exchange handled far more volume in the second quarter of 2026, but far fewer accounts did the trading. According to Evernorth's Q2 2026 XRP Liquidity Report, order-book volume rose 79% from a year earlier, to 3.57 million XRP a day from 1.99 million. Over the same period, the number of accounts placing those trades fell 40%, from 1,864 a day to 1,111.
The coin itself trades at $1.41 as of September 6, 2026, down 50% over the past year, even as trading on the ledger grew. The remaining accounts are simply trading more each: the average account moved 3,217 XRP a day in Q2 2026, up from 1,072 a year earlier. Order-book trades also rose to 81% of everything traded on the exchange, from 54%.
Institutions or consolidated wallets
Banks and trading firms could have moved in while smaller holders left. However, an XRPL account is a wallet address, not a person, and one firm can run dozens of them, so Evernorth says the data does not prove institutional traders are replacing retail users. New professional money could have arrived, existing traders could have merged their wallets, or small holders could have gone quiet in a year when the XRP price fell. In February 2026, XRPL switched on permissioned trading, a feature that lets an issuer restrict who can trade a token, and Evernorth suggests that drew institution-sized orders.
Tokenized assets grew 30 times over
Meanwhile, money kept arriving on the blockchain even as trading accounts fell. Tokenized assets on XRPL averaged $3.72 billion in Q2 2026, more than 30 times a year earlier. RLUSD, Ripple's stablecoin, added another $539 million in average balances, up 642% from a year earlier, bringing the total held on the ledger to $4.26 billion, up from $99 million at the end of 2024.
Neither of those figures is a bet on the XRP price. A stablecoin balance is dollars waiting to be sent, and a tokenized Treasury is a bond held on XRPL, so a rising balance in either shows the ledger being used to hold and move value rather than traded for price exposure. The on-chain figures alone can't say whether the trading side reflects new institutions or the same traders running fewer wallets.
Source: 24/7 Wall St. (via Yahoo Finance)
Trading involves risk.
Risk Disclaimer
