XRP Ledger sees fewer active traders but much larger transaction volumes

Trading concentrates among fewer XRP Ledger accounts

The XRP Ledger processed significantly larger trades in the second quarter even as the number of active trading accounts dropped. According to a quarterly report shared with CoinDesk by Evernorth, a treasury company preparing to list on Nasdaq, the average number of accounts initiating daily order-book trades fell from more than 1,860 to about 1,100.

That is a decline of roughly 41%. Meanwhile, the average daily volume on those order books rose 79% to 3.57 million XRP. This means each active trading account moved about 3,200 XRP per day, compared to roughly 1,070 XRP a year earlier.

The report notes that one account does not necessarily equal one person. A single trading firm might operate several accounts, while an individual might control multiple ones as well. Because of this, the data confirms that activity is concentrating among fewer accounts, but it cannot prove whether institutions are replacing retail traders.

• Daily order-book traders fell about 40% from a year ago while volume rose 79%.
• Average tokenized asset and RLUSD balances reached about $4.26 billion, up from $99 million six quarters earlier.
• XRP Ledger order-book trading accounted for 81% of decentralized exchange activity, up from 54% a year earlier.
• Total daily active accounts dropped 24% to 16,600, while new accounts fell 25% to 2,800.

What the Evernorth report says

The data comes from Evernorth, which shared its findings directly with CoinDesk. The report highlights that the broader crypto market saw similar declines in user engagement during the same period. Onchain exchange volume across the wider market fell 46% year-over-year, and transaction fees on seven of the largest programmable blockchains dropped 38%.

Value held on the XRP Ledger has grown sharply. Tokenized assets averaged $3.72 billion during the quarter, more than double the first quarter and over 30 times their level a year earlier. Combined with average RLUSD balances of $539 million, the total value held on the network reached approximately $4.26 billion.

Growth driven by Ripple's stablecoin and tokenization

Ripple's dollar-backed stablecoin, RLUSD, was a major factor in the growth. Average supply on the XRP Ledger rose to $539 million from $73 million a year earlier, a gain of more than 600%. The value transferred in RLUSD increased more than ninefold. This growth lifted the ledger's share of all RLUSD in circulation to 34%, up from 20%.

Meanwhile, the number of different assets XRP traded against on the order book fell to about 319 daily, down 18% from the previous year. This was the lowest figure recorded in the six quarters covered by the report.

Infrastructure upgrades attract institutional use

The shifts in trading behavior coincide with infrastructure changes aimed at financial institutions. In May, part of a tokenized U.S. Treasury fund was settled on the XRP Ledger in under five seconds. During the quarter, permissioned domains—features that let institutions control who can trade in a specific market—were upgraded alongside multi-purpose tokens.

Proposed changes to add confidentiality to tokenized assets were reported in August. These changes would allow balances and transfers to remain private while giving issuers, auditors, or regulators selective access. Additionally, U.S. spot XRP exchange-traded funds (ETFs)—investment funds traded on stock exchanges that track the price of XRP without requiring direct ownership—received $273 million in inflows during the quarter.

Why this matters for the XRP network

The data suggests the XRP Ledger is becoming more efficient for large-scale transactions, even if overall account counts are declining. Trading is shifting toward the ledger's native order book rather than other decentralized exchange methods. Institutional participation appears to be increasing through tokenized assets, stablecoins, and regulated ETF products.

Regulatory clarity may also be improving. The CLARITY Act, which would determine whether tokens like XRP fall under the Securities and Exchange Commission or the Commodity Futures Trading Commission, cleared the Senate Banking Committee on May 14.

What is confirmed

It is confirmed that daily active trading accounts on the XRP Ledger order book fell by about 41% in the second quarter compared to a year earlier. It is also confirmed that daily trading volume rose 79% during the same period, resulting in much larger average trade sizes per account. Total value held on the ledger, including tokenized assets and RLUSD, exceeded $4 billion for the first time.

What remains unclear

It remains unclear whether the drop in account counts represents a permanent shift in trader demographics or a temporary market cycle. The data cannot confirm if institutions are fully replacing retail traders, since multiple accounts may belong to a single entity or individual.

• CoinDesk