In the second quarter of 2026, the XRP Ledger simultaneously contracted and expanded. According to Evernorth's State of the Ledger report for Q2 2026, published on September 2, average daily order book trading volume on the network's decentralized exchange climbed 79 percent year over year to 3.57 million XRP — even as the number of accounts using the order book each day dropped from 1,864 to 1,111, a fall of roughly 40 percent.

The arithmetic is simple; the implication is less so. The average order book account now trades approximately 3,217 XRP per day, compared with 1,072 XRP a year earlier. In other words, fewer participants are moving far larger clips, pointing to concentration among active accounts. The data cannot establish who controls those accounts, however: one person or institution may operate multiple addresses, and the report does not identify the share of trading that is institutional.

Order Books Take Over the DEX

The structure of trading on the ledger changed as much as the size of trades. Order book activity represented 81 percent of decentralized exchange volume during the quarter, up from 54 percent a year earlier, with automated market maker pools accounting for the remainder. Combined DEX volume across both mechanisms 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 in different ways: an order book matches explicit buy and sell orders at stated prices, while an AMM prices trades against a liquidity pool funded by depositors. The XRP Ledger's native AMM went live on mainnet in 2024, so the two mechanisms have been competing for flow since then. A shift in their relative share marks a change in market structure, but it is not on its own evidence of a shift from retail to institutional users.

Tokenized Value Keeps Compounding

The report's longer arc concerns value rather than 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-pegged stablecoin, stood 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. RLUSD launched in late 2024, so the year-over-year comparisons capture growth from a young base — a context worth keeping in mind when reading triple-digit percentage gains.

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 was $99 million. However one views 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 growth also tracks a broader industry push toward tokenized real-world assets, which banks and asset managers have been testing on public and permissioned blockchains.

Retail Metrics Head in the Other Direction

The account data contains the less flattering numbers. Daily transacting accounts averaged 16,587 during 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 attributes the quarter to 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.

Taken together, the figures show higher volume per active trading account alongside weaker participation measures. The report does not identify individual traders, and the results should not be read as proof that institutions have displaced retail participants. A useful next checkpoint will be whether account counts and payments recover if sector-wide activity rebounds, or whether the concentration in trading persists — the report itself is quarterly, so future editions will show either.

Infrastructure Kept Building Through the Quiet

Evernorth connects 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 such venues. Related coverage on The Bit Journal examines Ripple's XRPL lending proposal, a separate development in the network's infrastructure.

Evernorth carries financial exposure to XRP through its treasury strategy, a relevant interest when evaluating its research. The figures are reported here 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 relies on 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 conduct your own research and consult a licensed professional before making financial decisions.

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