XRP Ledger Volume Rose 79% in a Year With Traders Down 40%. Is XRP Being Used or Just Traded?

Increased Activity on XRP Ledger Despite Declining Trading Accounts

The XRP Ledger, the blockchain that supports the XRP cryptocurrency, has seen a significant increase in order-book volume over the past year, despite a decline in trading accounts. According to a recent report by Evernorth, the average daily order-book volume on the XRP Ledger rose 79% in the second quarter of 2026, reaching 3.57 million XRP per day. This represents a substantial increase from the 1.99 million XRP per day recorded in the same period last year.

Decline in Trading Accounts

However, the number of trading accounts on the XRP Ledger has declined by 40% over the same period, from 1,864 accounts per day to 1,111 accounts per day. This reduction in trading accounts may suggest that fewer individuals are actively trading XRP, which could be a cause for concern for investors.

Tokenized Assets on the Rise

Despite the decline in trading accounts, the XRP Ledger has seen a significant increase in the value of tokenized assets held on the ledger. In the second quarter of 2026, tokenized assets averaged $3.72 billion, a 30-fold increase from the same period last year. This represents a substantial increase in the value of assets being held on the ledger, rather than being traded.

RLUSD Balances Surge

The balance of RLUSD, Ripple's stablecoin, has also seen a significant increase, rising to $539 million in average balances, up 642% from the same period last year. This represents a substantial increase in the value of stablecoins being held on the ledger, rather than being traded.

Implications for XRP Investors

The data suggests that while trading accounts on the XRP Ledger have declined, the ledger is still being used to hold and move value. The increase in tokenized assets and RLUSD balances suggests that investors are using the ledger to hold and manage their assets, rather than simply trading them. This could be a positive sign for XRP investors, as it suggests that the ledger is still being used and valued by investors.

What to Watch Next

As the year progresses, it will be interesting to see if the trend of increasing tokenized assets and RLUSD balances continues. If the number of trading accounts continues to decline, it may suggest that investors are becoming more conservative in their approach to XRP, focusing on holding and managing their assets rather than actively trading them. Conversely, if the number of trading accounts begins to rise, it may suggest that investors are becoming more active in the market, which could be a positive sign for XRP.

Conclusion

The data suggests that while trading accounts on the XRP Ledger have declined, the ledger is still being used to hold and move value. The increase in tokenized assets and RLUSD balances suggests that investors are using the ledger to hold and manage their assets, rather than simply trading them. This could be a positive sign for XRP investors, as it suggests that the ledger is still being used and valued by investors. As the year progresses, it will be interesting to see if this trend continues, and what implications it may have for XRP investors.