XRP ledger transactions are concentrated in a small number of active accounts…

Why does XRP trading activity show a trend of decreasing accounts but increasing the size of individual transactions?

XRP Ledger (XRPL) recorded a decline in the number of active trading accounts in the second quarter, but those accounts that continue to use the main order book for trading moved much more transaction volume than a year ago. Data showed that the average daily trading volume of order book transactions during the quarter was 3.57 million XRPs, an increase of 79% over the same period last year. At the same time, the number of accounts initiating these transactions dropped from more than 1,860 per day to approximately 1,100.

This pushed the average daily trading volume per active account to approximately 3,200 XRPs, almost triple the level of 1,070 in the same period last year, according to quarterly data shared by Evernorth, a XRP asset manager preparing to list on Nasdaq. These data do not directly prove that institutions are replacing retail traders. A trading company may control multiple accounts, and individual users may operate multiple accounts. However, they do indicate that orderbook activity is increasingly concentrated in a smaller number of active accounts.

The types of assets traded with XRP are also narrowing. During the six quarters covered by the report, an average of 319 assets were traded with XRP every day, down from the previous 480 and setting a new low.

Are XRP Ledger decentralized exchanges (DEX) becoming more centralized?

Orderbook activity also accounts for a larger share of XRPL's decentralized exchanges. On this platform, users conduct transactions over the Internet rather than through a centralized venue. Order book activity accounted for 81% of total DEX trading volume during the quarter, compared with only 54% in the same period last year. The total average daily trading volume of DEX was approximately 4.42 million XRPs, approximately 20% higher than last year, although it was down 16% from the first quarter of 2026.

This combination is eye-catching: Overall DEX activity is still above year-ago levels, but transactions are increasingly concentrated in fewer accounts and fewer markets. Broader online participation has also weakened. The average daily number of trading accounts on XRPL was approximately 16,600, a year-on-year decrease of 24%, while the number of new accounts opened also fell by approximately 25% to approximately 2,800 per day.

Part of the decline reflects the general weakness in activity across the cryptocurrency market. During the quarter, trading volume on on-chain exchanges in the broader market fell 46% year-on-year, and transaction fees on seven large programmable blockchains also fell 38%.

Investor Revelation

XRP Ledger's activity focus is shifting from the number of users to the amount of value moved by remaining active users. The more important question for investors is whether higher-value transactions and tokenized assets can offset the weakness in account growth over time.

Why is more value flowing to XRP Ledger?

The weakness in the number of accounts contrasts sharply with the growth in assets held online. During the quarter, the average daily value of tokenized assets reached US$3.72 billion, more than twice that of the first quarter and more than 30 times that of the same period last year. If the average daily RLUSD balance of US$539 million is included, the total value held on the Internet reaches approximately US$4.26 billion. Six months ago, the comparable figure was just $99 million.

RLUSD, a dollar-linked stablecoin issued by Ripple, is the main contributor. The average RLUSD supply on XRPL increased by more than 600%, from US$73 million in the same period last year to US$539 million, while the value transferred using the stablecoin increased more than ninefold. The ledger's share of RLUSD's total liquidity also increased from 20% to 34%.

This has created a clear divide within the network: the number of users and the rate of new account creation are declining, while stablecoin balances, tokenized assets, and the value processed by active traders are rising rapidly.

Is XRP Ledger building infrastructure for greater financial flows?

This data is particularly critical as XRP Ledger adds infrastructure designed to serve institutional and tokenized asset use. During May, some tokenized U.S. Treasury funds were redeemed, and their asset legs were settled through XRP Ledger in less than five seconds. In addition, the quarter also upgraded "licensed domain names" that allow institutions to control specific market participants, and revised multi-function token rules. Developers have also proposed privacy features for tokenized assets that would allow selected issuers, auditors or regulators to retain access when necessary while maintaining the privacy of balances and transfers.

The network's Ethereum-compatible sidechains also moved to an actively maintained software environment during the quarter, while RLUSD has been expanded to other blockchains. In addition to the ledger, institutions 'access channels to XRP have also been broadened. The U.S. spot XRP ETF attracted a net inflow of US$273 million during the quarter and was positive for three consecutive months, allowing investors to gain exposure without directly holding XRP.

As a result, the XRP story takes on an increasingly obvious two-sided nature. Traditional measures of online participation have weakened, but higher-value transactions, stablecoin growth, tokenized assets, and institutional infrastructure are expanding. If this model continues, XRP Ledger's evaluation criteria will increasingly be determined by the size and type of financial activities settled on its network, rather than simply the growth of user accounts.