XRP Ledger Sees Fewer Active Users but Much Larger Trades and Rising Value

The XRP Ledger recorded fewer active trading accounts in the second quarter compared to a year earlier, yet those remaining accounts moved significantly more value than before. Daily order-book trading volume rose sharply year over year, even as the number of accounts placing trades dropped substantially, resulting in each active account trading roughly three times as much XRP on average compared to the previous year.

While a single account doesn’t necessarily represent one individual trader, the data suggests trading activity on the network is becoming increasingly concentrated among a smaller group of participants. The variety of assets being traded against XRP on the order book also declined, marking the lowest level recorded across the past year and a half.

Network Value Climbs Despite Declining User Activity

Total value held on the XRP Ledger rose significantly during the quarter, driven largely by growth in tokenized assets and Ripple’s dollar backed stablecoin, which saw its circulating supply expand dramatically compared to the previous year. This growth in stablecoin activity helped push the network’s overall share of that stablecoin’s total circulation notably higher.

Despite this rise in value, broader user engagement metrics declined, with daily transacting accounts and new account creation both falling meaningfully year-over-year. This trend mirrored a wider slowdown seen across the broader crypto industry during the same period.

Institutional Infrastructure Continues to Expand

Alongside these shifts, the network has seen notable infrastructure upgrades aimed at institutional adoption, including faster settlement capabilities for tokenized assets, enhanced permissioned trading features, and proposed privacy improvements for tokenized holdings. US spot XRP exchange-traded funds also recorded steady inflows throughout the quarter, providing institutional investors an alternative way to gain exposure to XRP without directly holding the token.