The $XRP Ledger had fewer active accounts in the second quarter than it did a year earlier, but the accounts still trading on its main exchange were moving almost three times as much $XRP.
Order-book trading averaged 3.57 million $XRP a day during the quarter, up 79% from a year earlier. At the same time, the number of accounts initiating those trades fell to about 1,100 a day from more than 1,860.
That worked out to roughly 3,200 $XRP traded per account each day, against about 1,070 a year earlier, Evernorth, the $XRP treasury company preparing to list on Nasdaq, shared in a quarterly report with CoinDesk.
An account is not necessarily one person. A trading firm can use several, while an individual can do the same. The data therefore cannot show whether institutions are replacing retail traders — but indicates $XRP is being traded by a smaller group of active accounts.
The number of assets $XRP changed hands against on the order book fell to about 319 a day from 480, down 18% on the year and the lowest in the six quarters the report covers.
$XRP trading is concentrating into fewer accounts. (Shaurya Malwa/CoinDesk)
The order book also took a larger share of activity on the network's decentralized exchange, or DEX, where users trade directly through the ledger rather than through a centralized exchange such as Coinbase or Binance. It accounted for 81% of DEX trading in the quarter, up from 54% a year earlier.
Total DEX volume averaged 4.42 million $XRP a day, about 20% higher than a year earlier but 16% below the first quarter of 2026.
More value, fewer accounts
Tokenized assets averaged $3.72 billion during the quarter, more than double the first quarter and over 30 times their level a year earlier. Add average $RLUSD balances of $539 million and the value held on the network reached about $4.26 billion.
Six quarters earlier, that figure was just $99 million.
$RLUSD, Ripple's dollar-backed stablecoin, accounted for much of the recent increase. Average supply on $XRP Ledger rose to $539 million from $73 million a year earlier, a gain of more than 600%, while the value transferred in $RLUSD rose more than ninefold. That lifted the ledger's share of all $RLUSD in circulation to 34% from 20%.
Read More: Ripples $RLUSD gets two boosts as transfer volume drops 25%
That happened even as several measures of user activity fell.
Accounts transacting on $XRP Ledger averaged about 16,600 a day in Q2, down 24% from a year earlier. New accounts fell about 25% to 2,800 a day.
The decline was not unique to $XRP Ledger, however. Onchain exchange volume across the broader crypto market fell 46% from a year earlier during the quarter, while transaction fees across seven of the largest programmable blockchains dropped 38%.