XRP Ledger’s trading activity is rising sharply, but the story underneath is more concentrated than it looks. In the second quarter, average daily order-book volume on the ledger jumped 79% year on year to 3.57 million XRP, according to Evernorth. But the number of accounts initiating those trades actually fell by about 41% to just over 1,100 a day. That means fewer participants are driving much more of the volume. On average, each active account traded about 3,200 XRP a day, triple the figure from a year ago. It’s a similar pattern beyond the order books: total decentralized exchange volume on XRP Ledger averaged 4.42 million XRP a day, up about 20%, while accounts transacting on the network were also lower than a year earlier.
Separately, the Bank for International Settlements tested a data-verification proof of concept on the XRP Ledger’s developer environment. The work shows the ledger can anchor datasets for integrity checks, but it did not touch the live network or signal a move to production. For now, trading intensity is outpacing user breadth, and the open issue is whether that gap eventually narrows.
BIS testing keeps the XRP Ledger in focus, especially if rising volume keeps outpacing active accounts.