The XRP Ledger had fewer active accounts in the second quarter than it did a year earlier, but the accounts still trading on its main exchange were moving almost three times as much XRP.
Order-book trading averaged 3.57 million XRP a day during the quarter, up 79% from a year earlier. At the same time, the number of accounts initiating those trades fell to about 1,100 a day from more than 1,860.
That worked out to roughly 3,200 XRP traded per account each day, against about 1,070 a year earlier, Evernorth, the XRP treasury company preparing to list on Nasdaq, shared in a quarterly report with CoinDesk.
An account is not necessarily one person. A trading firm can use several, while an individual can do the same. The data therefore cannot show whether institutions are replacing retail traders — but indicates XRP is being traded by a smaller group of active accounts.
The number of assets XRP changed hands against on the order book fell to about 319 a day from 480, down 18% on the year and the lowest in the six quarters the report covers.
The order book also took a larger share of activity on the network's decentralized exchange, or DEX, where users trade directly through the ledger rather than through a centralized exchange such as Coinbase or Binance. It accounted for 81% of DEX trading in the quarter, up from 54% a year earlier.
Total DEX volume averaged 4.42 million XRP a day, about 20% higher than a year earlier but 16% below the first quarter of 2026.
Tokenized assets averaged $3.72 billion during the quarter, more than double the first quarter and over 30 times their level a year earlier. Add average RLUSD balances of $539 million and the value held on the network reached about $4.26 billion.
Six quarters earlier, that figure was just $99 million.
RLUSD, Ripple's dollar-backed stablecoin, accounted for much of the recent increase. Average supply on XRP Ledger rose to $539 million from $73 million a year earlier, a gain of more than 600%, while the value transferred in RLUSD rose more than ninefold. That lifted the ledger's share of all RLUSD in circulation to 34% from 20%.
Read More: Ripple’s RLUSD gets two boosts as transfer volume drops 25%
That happened even as several measures of user activity fell.
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