The XRP Ledger saw fewer active traders in the second quarter, but the users who remained on its order books were trading considerably larger amounts. Daily order-book traders dropped around 40% from a year earlier, while volume climbed 79% and the value held across the network surpassed $4 billion.

Order-book activity averaged 3.57 million XRP per day in Q2, compared with about 1.98 million XRP a year earlier. Meanwhile, the number of accounts initiating those trades fell to roughly 1,100 per day from more than 1,860.

That pushed average trading volume per account to about 3,200 XRP per day, nearly triple the 1,070 XRP recorded a year earlier, according to quarterly data from Evernorth, an XRP treasury company preparing for a Nasdaq listing.

The number of accounts does not necessarily correspond to the number of individual traders. Institutions can operate multiple accounts, and individual users can do the same. As a result, the figures cannot establish whether institutional investors are replacing retail traders. They do suggest, however, that XRP trading is becoming concentrated among fewer active accounts.

Trading diversity also declined. The number of assets traded against XRP through the order book fell to around 319 per day from 480 a year earlier. That marked an 18% decline and the lowest level across the six quarters covered by the report.

At the same time, order-book trading became a larger component of activity on the XRP Ledger’s decentralized exchange, or DEX. Its share increased to 81% from 54% a year earlier. The DEX enables users to trade directly through the ledger rather than relying on centralized exchanges such as Coinbase or Binance.

Total DEX volume averaged 4.42 million XRP per day during Q2, up 20% year over year but down 16% from the first quarter of 2026.

Network Value Continues to Rise

The decline in active accounts contrasted sharply with the growth in value held on the XRP Ledger.

Tokenized assets averaged $3.72 billion during Q2, more than twice the first-quarter amount and more than 30 times higher than a year earlier. Including average RLUSD balances of $539 million, the total value on the network reached approximately $4.26 billion.

Six quarters earlier, the figure was just $99 million.

RLUSD, Ripple’s dollar-backed stablecoin, accounted for a significant portion of the increase. Its average supply on the XRP Ledger surged from $73 million to $539 million over the year, representing growth of more than 600%. RLUSD transfer value also increased more than ninefold, lifting XRPL’s share of total RLUSD circulation from 20% to 34%.

The increase in network value occurred even as user activity weakened.

Daily transacting accounts averaged roughly 16,600 during Q2, down 24% year over year. New accounts also declined by about 25% to approximately 2,800 per day.

The slowdown was not limited to XRPL. Onchain exchange volume across the broader cryptocurrency market fell 46% from a year earlier, while transaction fees across seven major programmable blockchains declined 38%.

Infrastructure Focused on Institutional Adoption

The changing activity mix comes as the XRP Ledger continues developing infrastructure designed to support institutional financial activity.

In May, part of a tokenized U.S. Treasury fund was redeemed, with the asset portion settling on XRPL in less than five seconds. During the quarter, permissioned domains were upgraded to give institutions greater control over who can participate in specific markets. The ledger’s multi-purpose token functionality was also improved.

Proposed upgrades reported by CoinDesk in August could add greater privacy to tokenized assets on XRPL. The changes would allow balances and transfers to remain confidential while providing issuers, auditors and regulators with selective access.

The network’s Ethereum-compatible sidechain also moved to actively maintained software during the quarter, while RLUSD expanded to additional blockchain networks.

Institutional interest in XRP has also been supported by the launch of U.S. spot XRP ETFs. The funds attracted $273 million during the quarter and recorded net inflows in each of the three months, giving institutions exposure to XRP without requiring direct ownership of the token.

Meanwhile, the CLARITY Act, which seeks to determine whether assets such as XRP fall under the jurisdiction of the SEC or CFTC, cleared the Senate Banking Committee on May 14.