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Despite the $XRP price struggles, DEX order book volume on the $XRP Ledger (XRPL) soared to 3.57 million $XRP per day in Q2 2026.
Recent on-chain data shows that the $XRP ecosystem had a mixed second quarter in 2026. This is according to a report from Evernorth, the largest $XRP Treasury firm by total holdings.
Specifically, the data confirms that trading through the XRPL decentralized exchange (DEX) order book rose 79% year over year to 3.57 million $XRP per day.
XRPL Order-Book Activity Points to Bigger Traders
The rise in volume came despite fewer accounts taking part in order-book trading. The number of accounts starting these trades fell from 1,864 to 1,111 per day.
As a result, the average amount traded by each account rose to 3,217 $XRP per day, compared with 1,072 $XRP a year earlier.
In addition, order-book trading also made up 81% of all DEX activity in Q2, compared with 54% a year earlier. However, total trading was 16% lower than in Q1 2026, when February recorded unusually high activity.
The rise in trading volume alongside the drop in active accounts suggests that larger and more professional traders may have taken a bigger share of XRPL DEX activity.
This trend also came as XRPL added more infrastructure for institutional users. For instance, permissioned domains and permissioned trading venues went live in February, which gave institutions more tools to use the network.
$RLUSD Grows on XRPL
Meanwhile, $RLUSD also continued to grow on XRPL. Average $RLUSD balances reached $539 million, compared with $73 million a year earlier.
The balance increased in every quarter without recording a decline. This growth persisted despite stablecoin supply across the wider crypto industry falling for the first time since 2023.
On XRPL, $RLUSD supply grew 642% year over year, while the value transferred through the stablecoin jumped 925%. This growth pushed XRPL’s share of total $RLUSD from 20% to 34%. Higher stablecoin balances could also support larger payment and tokenized-asset transactions on the ledger.
XRPL Account Activity Falls
However, not all of the network’s numbers improved. For one, XRPL averaged 16,587 accounts transacting each day during Q2, while the number of new accounts averaged 2,783 per day. Both figures fell by about 25% from the same period a year earlier.
The broader blockchain market also saw lower activity during the period. On-chain exchange volume dropped 46% year over year, while transaction fees across the seven largest programmable networks fell 38%.
Account numbers tend to show retail activity more clearly, and the decline suggests that retail participation weakened across the broader crypto market during the quarter.
Despite the drop in account activity, the value on XRPL continued to rise. Network value grew from $99 million to $4.26 billion across six quarters. Each quarter recorded a higher figure than the previous one, with Q2 reaching the series high. The increase has continued for a year and a half.
$XRP Volume Per Account Remains Strong
Trading volume per account moved in the opposite direction from overall account growth. Across the entire exchange, $XRP traded per account rose 81% to 1,149 in Q4 2025. It then climbed another 85% to 2,125 in Q1 2026.
Q2 gave back 15% of that increase, taking the figure to 1,815 $XRP per account. Despite this decline, the resulting level remained 2.7 times higher than the series starting point of 636 $XRP.
Overall trading volume also recovered after reaching its lowest point in 2025. Daily volume fell to a Q3 2025 low of 2.63 million $XRP before recovering to 3.15 million $XRP per day in Q4 2025 and 5.26 million $XRP per day in Q1 2026. Volume then declined in Q2 to 4.42 million $XRP per day.
However, Q2 volume remained 68% above the 2.63 million $XRP low. It also remained higher than every quarter of 2025 except Q1 2025, which still holds the series high.
Several XRPL Metrics Hit New Lows
Three metrics ended Q2 at their lowest levels in the six-quarter period. Specifically, daily transacting accounts fell from 33,145 to 16,587, while daily new wallets declined from 6,617 to 2,783. The number of assets traded against $XRP on the order book also dropped from 479.9 to 319.4.
At the same time, $XRP-paired pools grew 26% across the same six-quarter period, while trading through those pools fell 74%. This suggests that the growing number of pools reflects available capacity rather than stronger trading activity.