XRP Ledger daily DEX volume jumps 79% as active accounts drop 40%: Evernorth

The XRP Ledger saw a notable combination of growth and contraction in the second quarter of 2026, according to Evernorth’s State of the Ledger report released on September 2. While average daily trading volume on the decentralized exchange (DEX) surged 79% year over year to reach 3.57 million XRP, the number of accounts trading on the order book each day declined by approximately 40%, falling from 1,864 to 1,111. Trading concentration rises while user numbers fall This change meant that the average trading account on the order book now handled about 3,217 XRP every day, an increase from 1,072 XRP a year earlier. Fewer accounts are making much larger trades, suggesting growing concentration among active participants. The report noted that account numbers alone do not uncover whether individuals or institutions control these addresses, and multiple addresses may be operated by a single entity. Order book activity became even more dominant within the DEX ecosystem, accounting for 81% of all exchange volume in the quarter, compared with 54% a year prior. Automated market maker pools made up the rest. In total, daily DEX volume averaged 4.42 million XRP, marking a 20% increase compared to the previous year, though slipping 16% versus the first quarter of 2026. While shifts in the balance between order books and automated market makers mark a significant change in infrastructure, Evernorth cautioned that these trends do not directly prove a replacement of retail users by institutional traders. Tokenized assets surge amid changing market dynamics The report also highlighted robust growth in tokenized asset value on the XRP Ledger. The average value of tokenized assets reached $3.72 billion in the second quarter. Ripple’s RLUSD stablecoin saw its daily average balance jump to $539 million, up 642% from $73 million a year earlier. The on-ledger share of all RLUSD increased from 20% to 34%, following Wormhole integration support, while RLUSD value moved on-chain expanded by 925% over the same timeframe. The combined average value held on the network, including tokenized real-world assets and stablecoins, reached $4.26 billion—an extraordinary climb from $99 million just six quarters earlier. The expansion underscores the increasing accumulation of tokenized value, even as speculation remains part of the network’s perception. The figures show higher volume per active trading account alongside lower participation measures. The report does not identify individual traders, and the results should not be read as proof that institutions have replaced retail participants. As asset digitization gains momentum, traditional markets are also seeing a shift. Wall Street firms are moving towards Web3 models, and investors can now use platforms such as 1stepSwap to hold shares of major U.S. companies, gold, and silver directly in crypto wallets.