XRP Ledger has fewer active accounts but bigger trades and more value, Evernorth report shows

The XRP Ledger spent the second quarter of 2026 doing something unusual for a public blockchain: it shrank and grew at the same time. According to Evernorth’s State of the Ledger report for Q2 2026, released on September 2, average daily order book trading volume on the network’s decentralized exchange rose 79 percent year over year to 3.57 million XRP, while the number of accounts using the order book each day fell from 1,864 to 1,111, a decline of roughly 40 percent.

The arithmetic is straightforward and the implication is not. The average order book account now trades about 3,217 XRP per day, up from 1,072 XRP a year earlier. Fewer participants are moving much larger clips. That indicates concentration among active accounts. It does not establish who controls those accounts: one person or institution can use multiple addresses, and the data do not identify the proportion of institutional trading.

Order books take over the DEX

The structure of trading on the ledger changed as much as the size. Order book activity accounted for 81 percent of decentralized exchange volume in the quarter, up from 54 percent a year earlier, while automated market maker pools made up the remainder. Total DEX volume, combining both, averaged 4.42 million XRP per day, up 20 percent year over year but down 16 percent from the first quarter of 2026.

Order books and automated market makers organize trades differently. A shift in their relative share is a change in market structure, but it is not by itself proof of a change from retail to institutional users.

Tokenized value keeps compounding

The longer arc of the report is about value, not volume. The average value of tokenized assets on the XRP Ledger reached $3.72 billion in the second quarter. The average daily balance of RLUSD, Ripple’s dollar stablecoin, came in at $539 million, up 642 percent from $73 million a year earlier, while the value moved in RLUSD rose 925 percent over the same period. The ledger’s share of total RLUSD supply climbed from 20 percent to 34 percent, even as the stablecoin expanded to other networks through a Wormhole integration announced on June 4.

Average value held on the network, a broader measure that includes tokenized real-world assets and stablecoins, reached $4.26 billion. Six quarters earlier, that figure stood at $99 million. Whatever one thinks of XRP as a speculative asset, the infrastructure built around the ledger is accumulating balance-sheet-style value at a pace that is difficult to dismiss.

The retail metrics are going the other way

The less flattering numbers sit in the account data. Daily transacting accounts averaged 16,587 in the quarter, and new account creation averaged 2,783 per day, both down roughly 25 percent year over year. Payments and NFT minting activity also declined. Evernorth frames the quarter as a market-wide cool-off: aggregate on-chain exchange volume across the sector fell 46 percent, and fees across the seven largest programmable blockchains dropped 38 percent over the same period.

The figures show higher volume per active trading account alongside lower participation measures. The report does not identify individual traders, and the results should not be read as proof that institutions have replaced retail participants.

Infrastructure kept building through the quiet

Evernorth links the broader discussion to permissioned infrastructure, which can restrict participation to approved entities. The report does not quantify how much of the quarter’s trading came from these venues. Related coverage on The Bit Journal explains Ripple’s XRPL lending proposal, a separate development in the network’s infrastructure.

Evernorth has financial exposure to XRP through its treasury strategy, a relevant interest when assessing its research. The article reports its figures with attribution; higher on-chain balances and activity do not guarantee an increase in XRP’s price.

Frequently asked questions

What is the Evernorth State of the Ledger report?

It is a quarterly data report on XRP Ledger activity published by Evernorth, a firm building an XRP-focused treasury vehicle. The Q2 2026 edition was released on September 2, 2026.

How much did XRP Ledger order book volume grow?

Average daily order book volume rose 79 percent year over year to 3.57 million XRP, while daily order book accounts fell about 40 percent, from 1,864 to 1,111.

What happened to RLUSD on the XRP Ledger?

Average daily RLUSD balances reached $539 million, up 642 percent year over year, and the ledger’s share of total RLUSD supply rose from 20 percent to 34 percent.

How much tokenized value sits on the XRP Ledger?

Tokenized assets averaged $3.72 billion in value during Q2 2026, and total value held on the network reached $4.26 billion, up from $99 million six quarters earlier.

Are XRP Ledger account counts declining?

Yes. Daily transacting accounts and new account creation both fell roughly 25 percent year over year, and payments and NFT activity also declined, consistent with a sector-wide cool-off.

Does Evernorth have a conflict of interest?

Evernorth is building a treasury vehicle around XRP, so it benefits from positive coverage of the ledger. The report uses on-chain metrics, but those metrics do not identify the beneficial owners of accounts.

Risk disclosure

XRP and other digital assets are highly volatile, and on-chain metrics can be influenced by a small number of large participants. Reports published by entities with financial exposure to the assets they cover should be read with that context in mind. Past growth in tokenized value does not guarantee future adoption.

Disclaimer: This article is for informational purposes only and does not constitute investment, legal or tax advice. Digital assets are volatile and may be subject to regulatory restrictions in your jurisdiction. Always do your own research and consult a licensed professional before making financial decisions.

Source coverage of Evernorth’s report: CoinDesk and Crypto.news.