- Order-book volume rose 79% as fewer accounts handled larger XRP trades, pointing to a sharper concentration of daily exchange activity.
- RLUSD balances reached $539 million, rising 642% year over year as XRPL increased its share of total RLUSD balances to 34% during Q2.
- Retail activity weakened across crypto, while XRPL trading infrastructure expanded through permissioned venues and faster settlement.
XRP liquidity deepened during Q2 2026 as order-book activity grew, despite weaker retail participation across the sector.
Order-Book Trading Shifts Toward Larger Flows
In an X post, ALLINCRYPTO flagged Evernorth’s report before its release. The post cited a 79% annual rise in order-book volume. It also noted nearly triple trading per active account during Q2.
Order-book trading averaged 3.57 million XRP daily during the quarter. That figure increased 79% from approximately 1.99 million XRP previously. Meanwhile, active order-book accounts declined from 1,864 to 1,111 daily.
Average trading per active account climbed from 1,072 XRP to 3,217 XRP. The order book represented 81% of DEX trading during Q2. Its share had stood at 54% one year earlier.
This concentration points toward larger trading flows within the ledger’s exchange activity. The figures don’t specify what types of participants they are. That could be the influence of professional traders, market makers, or automated traders.
RLUSD Growth Adds Depth Across XRPL
Overall DEX trading averaged 4.42 million XRP daily during Q2. That represented approximately 20% annual growth for ledger-based exchange activity. Sequentially, however, total trading fell 16% from Q1.
The Q1 comparison reflects unusually heavy trading during February. Therefore, the quarterly decline provides context for the annual increase. The report presents both movements within its assessment of changing activity.
RLUSD balances averaged $539 million during Q2, compared with $73 million previously. That represented 642% annual growth without a down quarter. The value moved through RLUSD increased 925% during the same period.
XRPL’s total RLUSD balances rose from 20%-34%. Meanwhile, the entire industry’s stablecoin volume decreased for the first time since 2023. The ledger therefore recorded stronger RLUSD growth during broader stablecoin contraction.
A tokenized US Treasury fund also settled its asset leg on-ledger. The redemption process completed in under five seconds. Ethereum-style smart contracts also moved onto actively maintained sidechain software.
Retail Activity Weakens Amid Broader Market Changes
The ledger averaged 16,587 daily transacting accounts during Q2. New accounts averaged 2,783 daily, with both measures down roughly 25%. Across blockchains, on-chain exchange volume fell 46% over the same period.
Those account figures show weaker retail participation across the broader market. Transaction fees across seven major programmable networks also declined 38%. The trend therefore extended beyond XRPL during the quarter.
U.S. spot XRP ETFs recorded $273 million of inflows during Q2. Net inflows remained positive across April, May, and June. Regulatory developments also advanced during the same period.
An OCC rule became effective April 1 concerning national trust bank activities. The rule addressed custody and other non-fiduciary activities without targeting digital assets. The CLARITY Act also advanced from the Senate Banking Committee on May 14.
XRP trades around $1.37 as of September 3, 2026. Current market data places daily trading volume above $2 billion. The token remains closely watched alongside changes in ledger liquidity and trading structure.
A protocol amendment strengthened permissioned domains and multi-purpose tokens. RLUSD also expanded across multiple blockchain networks during Q2. These developments arrived alongside permissioned trading venues activating during February.
The quarter therefore combined deeper order-book activity with fewer active accounts. RLUSD growth added another layer of dollar-denominated liquidity across the ledger. At the same time, retail participation weakened across XRPL and wider crypto markets.
