XRPL DEX Order Book Volume Climbed to 3.57 Million XRP Per Day in Q2 2026

Despite struggles in the $XRP price, decentralized exchange (DEX) order book volume on the XRP Ledger (XRPL) soared to 3.57 million $XRP per day in the second quarter of 2026. The XRPL, a public blockchain launched in 2012, has long carried a built-in DEX and order book as a core feature, letting users trade issued tokens directly on-ledger rather than through smart contracts.

Recent on-chain data shows that the $XRP ecosystem had a mixed second quarter in 2026, according to a report from Evernorth, the largest $XRP Treasury firm by total holdings. The data confirms that trading through the XRPL DEX order book rose 79% year over year to 3.57 million $XRP per day.

Order-Book Activity Points to Bigger Traders

The volume increase came even as fewer accounts took part in order-book trading. The number of accounts initiating these trades fell from 1,864 to 1,111 per day. As a result, the average amount traded per account rose to 3,217 $XRP per day, compared with 1,072 $XRP a year earlier.

Order-book trading accounted for 81% of all DEX activity in Q2, up from 54% a year earlier, although total trading was 16% lower than in Q1 2026, a quarter in which February recorded unusually high activity.

The combination of rising volume and falling active accounts suggests that larger and more professional traders may have taken a bigger share of XRPL DEX activity. The trend also coincided with XRPL adding more infrastructure for institutional users: permissioned domains and permissioned trading venues went live in February, giving institutions more tools to use the network. Whether the concentration of volume among fewer, larger accounts persists in coming quarters will indicate whether institutional participation on the ledger is taking hold.

RLUSD Grows on XRPL

The $RLUSD stablecoin, a dollar-pegged token issued by Ripple, continued to grow on XRPL. Average $RLUSD balances reached $539 million, compared with $73 million a year earlier, and the balance increased in every quarter without a decline. This growth persisted even as stablecoin supply across the wider crypto industry fell for the first time since 2023.

On XRPL, $RLUSD supply grew 642% year over year, while value transferred through the stablecoin jumped 925%. This growth pushed XRPL's share of total $RLUSD from 20% to 34%. Higher stablecoin balances could also support larger payment and tokenized-asset transactions on the ledger.

Account Activity Falls

Not all of the network's numbers improved. XRPL averaged 16,587 accounts transacting each day during Q2, while new accounts averaged 2,783 per day. Both figures fell by about 25% from the same period a year earlier.

The broader blockchain market also saw lower activity during the quarter. On-chain exchange volume dropped 46% year over year, and transaction fees across the seven largest programmable networks fell 38%. Account numbers tend to reflect retail activity, and the decline suggests that retail participation weakened across the broader crypto market during the quarter.

Despite the drop in account activity, value on XRPL continued to rise. Network value grew from $99 million to $4.26 billion across six quarters, with each quarter recording a higher figure than the previous one and Q2 reaching the series high. The increase has continued for a year and a half.

Volume Per Account Remains Strong

Trading volume per account moved in the opposite direction from overall account growth. Across the entire exchange, $XRP traded per account rose 81% to 1,149 in Q4 2025, then climbed another 85% to 2,125 in Q1 2026. Q2 gave back 15% of that increase, taking the figure to 1,815 $XRP per account. Even so, the resulting level remained 2.7 times higher than the series starting point of 636 $XRP.

Overall trading volume also recovered after reaching its lowest point in 2025. Daily volume fell to a Q3 2025 low of 2.63 million $XRP before recovering to 3.15 million $XRP per day in Q4 2025 and 5.26 million $XRP per day in Q1 2026. Volume then declined in Q2 to 4.42 million $XRP per day.

Q2 volume nevertheless remained 68% above the 2.63 million $XRP low and higher than every quarter of 2025 except Q1 2025, which still holds the series high.

Several XRPL Metrics Hit New Lows

Three metrics ended Q2 at their lowest levels in the six-quarter period. Daily transacting accounts fell from 33,145 to 16,587, while daily new wallets declined from 6,617 to 2,783. The number of assets traded against $XRP on the order book also dropped from 479.9 to 319.4.

At the same time, $XRP-paired pools grew 26% across the same six-quarter period, while trading through those pools fell 74%. This suggests that the growing number of pools reflects available capacity rather than stronger trading activity.

Source: The Crypto Basic