The XRP Ledger is holding more value with fewer accounts actively transacting on the network—a divergence that defined the second quarter of 2026.
Average value held on the XRP Ledger climbed to $4.26 billion in Q2 2026, the highest level recorded across the six-quarter period examined, according to The Crypto Basic.
The increase came despite a contraction in the number of accounts conducting transactions. CoinDesk reported that the ledger averaged roughly 16,600 transacting accounts per day, a 24% decline from the same period a year earlier.
The numbers point to an unusual shift: less breadth of participation, but substantially more value and trading activity.
Value Held Surges From $99 Million
The $4.26 billion average value held represents a dramatic increase from the $99 million recorded six quarters earlier, according to The Crypto Basic.
That metric reached its highest point in the six-quarter period covered by the report.
The growth also coincided with a sharp expansion in the amount of RLUSD held on the network.
Average RLUSD balances on the XRP Ledger reached $539 million during Q2, compared with $73 million a year earlier. That represents a 642% increase.
The two figures should not be combined, however. The $4.26 billion figure measures average value held across the ledger, while the RLUSD figure represents the average balance of a specific stablecoin.
Fewer Accounts, More Trading
The network’s transaction base moved in the opposite direction.
An average of approximately 16,600 accounts transacted each day during Q2, down 24% year over year.
At the same time, order-book trading became considerably more active.
Average daily order-book volume reached 3.57 million XRP, representing a 79% increase from the previous year, according to CoinDesk.
Yet the number of accounts initiating those trades dropped sharply.
Daily accounts starting order-book trades fell to roughly 1,100, compared with more than 1,860 a year earlier—a decline of about 41%.
A Smaller Group Is Driving More Volume
That combination is one of the quarter’s most notable signals.
Trading volume rose while the number of accounts generating that activity fell.
The figures are consistent with a greater concentration of trading activity among a smaller group of participants. However, the available data does not establish who those traders were or explain why their activity increased.
The same caution applies to the decline in overall transacting accounts. The data demonstrates the divergence between participation and value, but does not by itself identify the factors responsible.
What Q2 Revealed About the XRP Ledger
The quarter produced three distinct trends:
- $4.26 billion — average value held on the XRP Ledger.
- About 16,600 — average daily transacting accounts, down 24% year over year.
- 3.57 million XRP — average daily order-book trading volume, up 79% year over year.
- About 1,100 — daily accounts initiating order-book trades, down roughly 41%.
- $539 million — average RLUSD balance, up 642% year over year.
The takeaway is less about a single record than about the relationship between the metrics. The XRP Ledger ended Q2 with significantly more value and higher order-book volume, even as its active account base became smaller.
Whether that reflects growing institutional or high-volume participation, changing trading behaviour, or other factors will require additional data beyond the quarter’s headline figures.
Disclaimer: This article is provided for informational purposes only. It is not intended to constitute legal, tax, investment, financial or other professional advice.
