XRP Ledger Sees Fewer Accounts, But Bigger Trades
The network is seeing fewer active accounts, but trading is concentrating in larger orders. Tokenized assets and Ripple’s RLUSD are pushing the total value on XRP Ledger to $4.26 billion.
Key Takeaways
- The XRP Ledger processed fewer active accounts in Q2, but the traders who remained made much larger trades on average.
- Order book trading rose to 3.57 million XRP per day, while the number of accounts initiating those trades fell to about 1,100 per day.
- Network value climbed to about $4.26 billion, mainly thanks to the growth of tokenized assets and Ripple’s stablecoin RLUSD.
The XRP Ledger processed fewer active accounts in the second quarter than a year earlier, but the traders who remained made much larger trades. At the same time, the value held on the network rose to about $4.26 billion (€3.7 billion), mainly because of the rapid growth of tokenized assets and Ripple’s stablecoin RLUSD.
Fewer Accounts, More XRP
Order book trading on the XRP Ledger came in at an average of 3.57 million XRP per day in Q2, up 79% year over year. The number of accounts initiating those trades, however, fell to about 1,100 per day, down from more than 1,860 a year earlier.
That means much more was traded per account. On average, it came to about 3,200 XRP per day, compared with roughly 1,070 a year earlier. Evernorth, the XRP treasury company preparing for a Nasdaq listing, shared those figures in a quarterly report with CoinDesk.
The number of trading pairs on the order book also declined. XRP was still traded against an average of about 319 other assets, the lowest level in the six quarters covered by the report. On the network’s decentralized exchange, the order book also remained dominant and accounted for 81% of DEX trading, up from 54% a year earlier.
More Value on the Network
The growth mainly came from tokenized assets and RLUSD. Tokenized assets averaged $3.72 billion (€3.2 billion) in the quarter, more than double Q1 and more than 30 times higher than a year earlier. Together with an average RLUSD balance of $539 million (€464 million), total value on the network came to about $4.26 billion (€3.7 billion).
RLUSD was a major driver here. The average supply on XRP Ledger rose from $73 million (€62.8 million) to $539 million (€464 million) year over year, an increase of more than 600%. The transferred volume in RLUSD also rose more than ninefold. That pushed the share of all RLUSD in circulation on the network to 34%, up from 20% before.
At the same time, broader network activity declined. The number of accounts making transactions came in at about 16,600 per day, 24% lower than a year earlier. New accounts fell by about 25% to 2,800 per day.
Why This Matters
The numbers show that the XRP Ledger is being used more often for larger, more institutional transactions. That fits with recent changes like permissioned domains and upgrades for multi-purpose tokens, which let parties better control who can trade in a market.
The broader infrastructure around the network is also being expanded step by step. In May, part of a tokenized U.S. Treasury fund was already settled on XRP Ledger within seconds, while work is also underway on more privacy for tokenized assets. For European crypto followers, the key point is that XRP is increasingly positioning itself between retail trading, stablecoins, and regulated financial use cases.
Evernorth plays a visible role in that: the company is preparing for a Nasdaq listing with XRP at the center of its treasury strategy. That makes the trading and network data especially relevant for investors following XRP’s institutional side.
