XRP Ledger saw a sharp increase in trading activity during the second quarter of 2026, according to a new report from Evernorth, a company specializing in digital asset treasury solutions for the XRP ecosystem. The average daily order-book trading volume on the ledger reached 3.57 million XRP, reflecting a 79% rise compared to the same period last year.
Fewer traders, larger trade sizes
Despite the heightened trading volumes, the number of accounts placing trades on the XRP Ledger dropped to 1,111 per day from 1,864 a year ago. This resulted in a significant increase in average trading size per account, with each active account now handling an average of 3,217 XRP daily, up from 1,072 XRP one year earlier.
Order-book activity accounted for 81% of on-chain trading during the quarter, compared with 54% a year earlier, underscoring a shift toward more centralized trading activity on public order-books.
Order-book trading represented a larger share of on-chain activity, jumping from 54% to 81% over the year. This shift illustrates a move toward more order-driven trading on the XRP Ledger.
Rise of Ripple’s stablecoin RLUSD
Ripple’s dollar-linked stablecoin, RLUSD, also gained prominence on the XRP Ledger over the past year. Evernorth reported that the average supply of RLUSD on the ledger increased to $539 million during the second quarter, a notable rise from $73 million the previous year. At the same time, RLUSD’s share of its total supply held on the XRP Ledger grew from 20% to 34%.
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AAPLMini dictionary: RLUSD is Ripple’s U.S. dollar-pegged stablecoin issued on the XRP Ledger. Stablecoins like RLUSD are designed to maintain a 1:1 value with the U.S. dollar and are used for fast, low-cost transactions on blockchain networks.
The expansion of RLUSD on the ledger occurred as the broader stablecoin market saw contraction for the first time since 2023.
| Metric | Q2 2025 | Q2 2026 |
|---|---|---|
| Avg. daily order-book volume (XRP) | Not specified | 3.57 million |
| Number of daily trading accounts | 1,864 | 1,111 |
| Avg. daily volume per account (XRP) | 1,072 | 3,217 |
| Order-book share of on-chain activity | 54% | 81% |
| RLUSD supply on ledger | $73 million | $539 million |
| RLUSD supply share on ledger | 20% | 34% |
Evernorth’s public listing plans
Evernorth is advancing plans to become a publicly listed digital asset treasury company through a proposed merger with Armada Acquisition Corp. II, a U.S.-based special purpose acquisition company. Last month, the U.S. Securities and Exchange Commission declared the companies’ Form S-4 registration statement effective—a key regulatory step for the transaction.
Armada shareholders are expected to vote on the proposed combination on September 30. If the deal is approved and completed, the merged company would be listed on Nasdaq under the ticker symbol XRPN.
The report provides insight into the ongoing evolution of liquidity and stablecoin activity on the XRP Ledger as well as corporate developments around Evernorth. However, while trading volumes per account are up, the data does not clarify the underlying market behavior driving these patterns.
