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XRP 
RLUSD XRP Ledger's trading landscape has undergone drastic changes
In the second quarter of 2026, XRP Ledger's trading activity showed significant changes. According to a comprehensive liquidity report released by Evernorth, the network's average daily trading volume increased significantly by 79% to 3.57 million XRP, although the number of active trading accounts dropped to 1111 from 1864 in the same period last year.
What does the expansion of transaction size mean?
While active accounts decreased, transaction volume increased, indicating an increase in the number of XRPs traded per user. Specifically, the average daily trading volume per account jumped from 1072 XRP to 3217 XRP, showing that trading activity has become more concentrated in fewer accounts.
Evernorth's data highlights the importance of order-book transactions, which accounted for 81% of total transaction volume on the chain in the second quarter, a significant increase from 54% in the same period last year. Evernorth is a digital asset finance company focused on XRP. Its analysis shows that the number of active accounts trading on XRP Ledger has decreased, but the XRP amount per transaction has increased significantly.
Is RLUSD shaping ecosystems?
Evernorth's report also pointed out that Ripple's dollar-pegged stablecoin RLUSD is becoming increasingly influential on the Internet. In the second quarter, the average supply of RLUSD reached US$539 million, much higher than US$73 million a year ago.
In addition, RLUSD's share of total XRP Ledger supply has increased from 20% to 34%, and this increase comes against the backdrop of a contraction in the broader stablecoin market for the first time since 2023. Evernorth pointed out that RLUSD has achieved growth despite difficult market conditions. The rise in RLUSD supply demonstrates an expansion of the liquidity framework within XRP Ledger that goes beyond XRP assets themselves.
How is Evernorth's Nasdaq listing plan progressing?
Although the report revealed changes in transaction structure and stablecoin liquidity, it did not clearly explain the fundamental reasons for the expansion of transaction sizes, nor did it imply whether it was caused by behavioral or institutional factors.
Evernorth is planning to become a publicly traded digital asset finance company through a merger with Armada Acquisition Corp. II. The two companies announced last month that the U.S. Securities and Exchange Commission had approved their Form S-4 registration statements to take effect. Armada shareholders will vote on the transaction on September 30. If approved, the combined company is expected to be listed on NASDAQ under the ticker symbol XRPN.
XRP Ledger's average daily orderbook trading volume in the second quarter increased by 79% to 3.57 million XRP.
The average number of active accounts per day dropped from 1864 to 1111, and XRP transactions were concentrated in fewer accounts.
The average supply of Ripple's stablecoin RLUSD online rose from US$73 million to US$539 million.
