XRP Ledger: Fewer Accounts, Bigger Trades, Higher Value

XRP Ledger has fewer active accounts than last year, but bigger trades and more value

XRP Ledger (XRPL) activity is becoming more concentrated, with fewer accounts driving a larger share of trading and value transfer. In the second quarter, the number of accounts initiating order-book trades fell by about 41% from a year earlier, even as order-book trading volume rose 79%.

At the same time, the total value held on XRPL increased sharply. Average balances across tokenized assets and Ripple’s dollar-backed stablecoin, RLUSD, reached about $4.26 billion, up from $99 million six quarters earlier. The increase was largely tied to growth in RLUSD on the network.

Despite softer participation metrics, XRPL continued to add new accounts. The ledger crossed 8 million activated accounts in July 2026, up from roughly 7.85 million in March. Since March, new account creation has averaged around 2,300 wallets per day, though that pace has slowed from earlier peaks.

Some measures of day-to-day usage moved in the opposite direction. Accounts transacting on XRPL averaged about 16,600 per day in Q2, down 24% year over year, while new accounts were reported down about 25% to around 2,800 per day during the quarter. Daily active addresses also fell sharply in June, dropping 61% to about 7,800.

What offset lower participation was the size of the transactions that did occur. Average transaction value on XRPL reached roughly $85,000 to $86,700 in 2026, a level reported to exceed average per-transaction values on both Bitcoin and Ethereum. The mix of activity is increasingly consistent with larger transfers rather than frequent small payments.

RLUSD’s expanding presence on XRPL was a central driver of that shift. Average RLUSD supply on the ledger rose to about $539 million from $73 million a year earlier, an increase of more than 600%, while the value transferred in RLUSD rose more than ninefold. XRPL’s share of RLUSD in circulation also increased, to 34% from 20%.

Decentralized exchange (DEX) activity on XRPL also became more concentrated in the network’s order book. The order book accounted for 81% of DEX trading in the quarter, up from 54% a year earlier. Total DEX volume averaged about 4.42 million XRP per day, around 20% higher than a year earlier but 16% below the first quarter of 2026.

The broader market context shows similar pressure on activity. Onchain exchange volume across the wider crypto market fell 46% year over year during the quarter, and transaction fees across seven of the largest programmable blockchains dropped 38%.

Overall, the latest data points to a network in transition: fewer active accounts, but higher-value transfers and a rising base of stablecoin and tokenized-asset value held on-ledger, concentrating usage among a smaller set of participants.