XRP Ledger Order-book Volume Jumps 79% as Traders Fall

XRP Ledger order-book volume surged 79% year over year in the second quarter of 2026, even as the number of daily accounts executing trades collapsed by 40%, according to Evernorth's Q2 2026 XRP Liquidity Report. The divergent trend points to a sharply concentrating decentralized exchange (DEX) market on the ledger, where a smaller pool of participants is now responsible for substantially heavier daily trading flows. Total value held on the network continued to rise during the three months through June, the report found. Order-book Activity Triples Per Remaining Trader The quarterly liquidity report showed that average daily order-book activity reached 3.57 million XRP during Q2 2026, compared with roughly 1.99 million XRP per day in the same period a year earlier. That 79% expansion occurred while the number of daily accounts initiating order-book trades dropped from 1,864 to 1,111 over the same window. As a result, each participating account executed an average of 3,217 XRP per day in Q2 2026, up from 1,072 XRP per day in Q2 2025 - a near threefold increase in volume per active trader. Evernorth's figures indicate that larger individual order sizes more than offset the steep decline in the number of participating accounts, producing a more concentrated market structure. XRP Ledger Order-Book Metric Q2 2026 Daily Average Q2 2025 Daily Average Year-Over-Year Shift Order-book volume executed 3.57 million XRP 1.99 million XRP +79% Accounts initiating order-book trades 1,111 1,864 -40% Average volume per trading account 3,217 XRP 1,072 XRP ~3x higher Transacting accounts (network-wide) 16,587 ~22,100 -25% New accounts created per day 2,783 ~3,700 -25% Order Books Now Dominate a Growing Share of DEX Flow Total decentralized exchange volume on the XRP Ledger averaged 4.42 million XRP per day in Q2 2026, approximately 20% above the same quarter in 2025. The report attributed the gap to order books, which accounted for 81% of all DEX activity during the quarter - a dramatic jump from 54% a year earlier. That structural shift suggests traders on the network are increasingly relying on continuous, two-sided order-book liquidity rather than automated market maker (AMM) pools or other execution venues. Evernorth did not assign the remaining DEX share to specific mechanisms in the excerpted findings, but the order-book proportion represents the highest recorded-level in the year-over-year comparison. Permissioned Trading Tools Debut in February Evernorth pointed to institution-focused infrastructure as a possible driver of the concentration trend. Permissioned domains and permissioned trading features became available on the XRP Ledger in February 2026, allowing approved participants to transact within controlled environments. The report did not assign a specific portion of Q2 volume to those venues, nor did it identify whether the remaining activity originated from institutional desks, market makers, or automated trading strategies. However, the timing of the infrastructure rollout - combined with a smaller account base executing larger orders - suggests approved participants may be consolidating activity through permissioned channels. Average daily trading accounts across the broader XRP Ledger DEX fell to roughly 2,435 in Q2 2026, while order-book-specific accounts recorded the steeper 40% decline noted above. Broader Account Metrics Slide 25% Year over Year The contraction extended well beyond traders actively using order books. Daily transacting accounts on the XRP Ledger averaged 16,587 in Q2 2026, while new accounts averaged 2,783 per day - both measures down approximately 25% compared with the same quarter last year. The decline echoes weaker activity across other major crypto networks, according to Evernorth's broader market analysis. On-chain exchange volume across seven major programmable networks fell 46% from the previous year, while transaction fees paid on Ethereum, BNB Chain, Base, Arbitrum, Polygon, Optimism, and Avalanche collectively dropped 38%. That context matters for assessing whether XRP Ledger's relative order-book strength reflects network-specific adoption or simply a shallower downturn within a broader bearish environment for blockchain-based trading. Quarterly Comparisons Show a Cooling from Q1 2026 Peak Despite the strong year-over-year headline numbers, Evernorth cautioned that momentum slowed sequentially. Total XRP Ledger DEX trading volume decreased 16% in Q2 2026 compared with the first quarter of the year. The report described Q1 2026 as an unusually active period, highlighting that both yearly and quarterly comparisons must be weighed when judging whether the second-quarter pace is sustainable. The 79% order-book volume jump therefore measures a rebound from a relatively quiet Q2 2025, while the sequential decline signals that the first-quarter surge did not carry through at the same intensity into the three months ended June 30. What Does a 79% Rise in Order-book Volume with 40% Fewer Traders Indicate? It indicates a concentration of activity: fewer accounts are executing significantly larger average daily order sizes. Each active order-book trader moved roughly three times more XRP per day in Q2 2026 than in Q2 2025, suggesting larger orders and potentially more institution-driven flows are replacing broad retail participation. Why Did the Number of Daily XRP Ledger Traders Fall 40%? Evernorth linked the decline partly to the broader crypto landscape, where on-chain exchange volume across major programmable networks fell 46% year over year. Network-wide transacting accounts and new account creation on the XRP Ledger both dropped about 25%, indicating the trader contraction was part of a wider downturn rather than isolated to order-book participants. When Did Permissioned Trading Launch on the XRP Ledger? Permissioned domains and permissioned trading features became available in February 2026. These tools let approved participants transact within controlled environments, and Evernorth suggested they may have contributed to the concentration of order-book volume, although the report did not quantify how much Q2 activity flowed through those venues. How Did Order Books Gain Share of Total XRP Ledger DEX Volume? Order books accounted for 81% of total decentralized exchange volume in Q2 2026, up sharply from 54% a year earlier. Total DEX volume averaged 4.42 million XRP per day in the quarter, roughly 20% above Q2 2025, while order-book execution of 3.57 million XRP per day drove the bulk of that expansion. Was XRP Ledger DEX Activity Up or Down Compared with Q1 2026? It was down. Total trading volume decreased 16% from the first quarter of 2026, which Evernorth described as an unusually active period. The report emphasized that the yearly increase and the quarterly decrease must be read together to accurately assess whether the Q2 pace can continue.