XRP Ledger trading activity grew significantly in the second quarter. The average daily order-book volume rose 79% from a year earlier even as the number of accounts executing those trades declined, according to a new report from XRP-focused digital asset treasury company Evernorth.
Order-book trading on the XRP Ledger averaged 3.57 million XRP per day in the three months through June. It is up from the year-earlier period.
At the same time, the number of accounts placing trades each day fell to 1,111 from 1,864.
That meant substantially more XRP was traded per active account. Average daily trading per account rose to 3,217 XRP from 1,072 XRP a year earlier, according to Evernorth’s Q2 2026 XRP Liquidity Report.
Order-book activity also accounted for 81% of on-chain trading during the quarter, compared with 54% a year earlier.
The report’s findings come as liquidity on the XRP Ledger continues to develop beyond XRP itself.
Evernorth said the average supply of RLUSD, Ripple’s dollar-pegged stablecoin, on the ledger reached $539 million in the second quarter, up from $73 million a year earlier.
RLUSD’s share of its total supply held on the XRP Ledger also increased to 34% from 20% over the same period. Evernorth noted that the growth occurred while the broader stablecoin market contracted for the first time since 2023.
The data provides a snapshot of how trading and stablecoin liquidity on the XRP Ledger have changed over the past year. However, it does not by itself establish whether the increase in trade size.
Evernorth’s public debut
Evernorth is preparing to become a publicly traded digital asset treasury company through a proposed combination with Armada Acquisition Corp. II. The companies said last month that the U.S. Securities and Exchange Commission had declared their Form S-4 registration statement effective.
Armada shareholders are scheduled to vote on the transaction Sept. 30. If approved and completed, the combined company is expected to trade on Nasdaq under the ticker XRPN.
