The XRP Ledger witnessed considerable trading dynamics in the second quarter of 2026, as outlined in Evernorth’s comprehensive liquidity report. The report reveals a marked increase in average daily transaction volume, which soared by 79% to reach 3.57 million XRP, despite a decline in the number of active trading accounts from 1,864 to 1,111 compared to the previous year.
What Does Increased Trade Size Indicate?
The rise in trading volume, despite fewer active accounts, highlights larger amounts of XRP being exchanged per user. Specifically, the average daily transaction per account elevated from 1,072 XRP to a substantial 3,217 XRP, indicating that trading activities became more concentrated among fewer accounts.
Evernorth’s data underlines the significance of order book transactions, which constituted 81% of the total on-chain transaction volume in the second quarter, a significant leap from the previous year’s 54%. Evernorth is recognized as a digital asset treasury firm with a focus on XRP.
Evernorth’s insights reveal that a reduced number of accounts are actively trading on the XRP Ledger, while the volume of XRP per transaction has notably increased.
Is RLUSD Shaping the Ecosystem?
Evernorth’s report also recognizes the growing presence of RLUSD, Ripple’s dollar-pegged stablecoin, on the network. Its average supply reached $539 million in the second quarter, a stark rise from $73 million a year earlier.
Additionally, the RLUSD’s proportion of total supply on the XRP Ledger has grown from 20% to 34%, during a period when the broader stablecoin market contracted for the first time since 2023. Evernorth points out this growth amidst challenging market conditions.
The rise in RLUSD supply illustrates the expanding liquidity framework within the XRP Ledger, beyond just the XRP asset.
What Lies Ahead for Evernorth’s Nasdaq Ambitions?
While the report sheds light on shifts in transaction structures and stablecoin liquidity, it stops short of pinpointing the underlying causes for the larger transaction sizes. It hints neither at behavioral nor institutional factors.
Evernorth is gearing up to become a publicly traded digital asset treasury through a planned merger with Armada Acquisition Corp. II. The two companies announced the activation of their Form S-4 registration by the U.S. Securities and Exchange Commission last month.
Shareholders of Armada are scheduled to vote on this transaction on September 30. If approved, the unified company is anticipated to trade on the Nasdaq under the ticker symbol XRPN.
- 📌 The average daily order book volume on the XRP Ledger grew by 79% in the second quarter to 3.57 million XRP.
- 📉 Active daily account numbers fell from 1,864 to 1,111, concentrating XRP trading among fewer accounts.
- 💵 Ripple’s stablecoin RLUSD saw its average supply rise from $73 million to $539 million on the network.
- 🏛️ The Evernorth and Armada Acquisition Corp. II merger will face a shareholder vote on September 30.
Strategic developments in the XRP ecosystem, mirrored by robust liquidity trends, indicate a maturation of the digital asset landscape, offering intriguing possibilities as XRP Ledger continues to evolve amidst the crypto market’s fluctuating terrain.
