XRP Ledger order-book volume increased 79% year-over-year in Q2 2026, averaging 3.57 million XRP per day compared to 1.99 million XRP in Q2 2025, according to Evernorth's Q2 2026 XRP Liquidity Report. However, daily order-book trading accounts declined significantly from 1,864 to 1,111, leaving each participating account to trade an average of 3,217 XRP per day - nearly triple the previous year's average of 1,072 XRP daily. This concentration effect indicates that larger orders from fewer participants drove the volume increase, with the average volume per trader rising substantially despite the reduced account count.
Total decentralized exchange volume on XRPL averaged 4.42 million XRP per day in Q2, representing a 20% increase from the same quarter in 2025, as reported by Evernorth. Order books accounted for 81% of that activity, up from 54% a year earlier, indicating increased institutional participation. The report suggests that institution-focused infrastructure may have contributed to the concentration after permissioned domains and trading features became available in February 2026. Daily transacting accounts averaged 16,587, while new accounts averaged 2,783 per day, both measures declining approximately 25% year-over-year.
Average RLUSD balances on XRPL reached $539 million, rising 642% year-over-year from $73 million in Q2 2025, according to Evernorth's findings. Value moved through RLUSD increased 925% over the same period, while the XRP Ledger's share of the stablecoin's total supply grew from 20% to 34%. By the end of June, RLUSD supply on XRPL had reached approximately $676.9 million, and the stablecoin passed $1 billion in circulating supply on XRPL by August 28, representing about 82% of XRPL's stablecoin market. RLUSD also expanded through Wormhole's Native Token Transfers system to Base, Optimism, Ink, Unichain and the XRPL EVM sidechain during Q2.
Average value held on the XRP Ledger reached a quarterly record of $4.26 billion during Q2 2026, representing the highest quarterly reading in Evernorth's report series, up from $99 million six quarters earlier. The measure includes value represented by issued assets on the ledger and is separate from XRP's total market capitalization. Tokenized assets and stablecoins contributed significantly to this increase, with RLUSD's growth forming a large part of the asset increase. XRP produced a strong market move after Q2 ended, gaining approximately 37% in August from a 2026 low of $0.9874 on August 15 to a six-month high of $1.6963 on August 22.
According to Evernorth's report, on-chain exchange volume across seven major programmable networks fell 46% from the previous year, while transaction fees paid on Ethereum, BNB Chain, Base, Arbitrum, Polygon, Optimism and Avalanche collectively dropped 38%. The reduced account count extended beyond trading, with daily transacting accounts averaging 16,587 and new accounts averaging 2,783 per day, both measures down approximately 25% year-over-year. However, recent developments show continued institutional interest, with Bitwise's XRP ETF surpassing $500 million in assets under management within nine months of launching in November 2025. U.S. spot XRP products have attracted more than $1.5 billion in cumulative net inflows, indicating sustained institutional demand despite the overall market contraction.
