Evernorth: 23.5% of XRP On-Chain Volume in 3-Hour Window

Evernorth, an XRP treasury firm, has identified a pronounced shift in when XRP changes hands on-chain. In an Aug. 18 update, the company said weekday activity is increasingly concentrated in the three-hour overlap between the London afternoon and New York morning, a window that ran from 13:00 to 16:00 UTC in July. That window accounted for 23.5% of weekly XRP on-chain volume during July 2026, up from 14.3% in July 2025. The firm's chart shows a clear peak around 14:00 UTC, when XRP's share of on-chain activity reached nearly 10%. Evernorth links the trend to growing institutional interest, while noting that public ledger records do not identify the accounts behind the trades. The concentration appears across the XRP Ledger's three trading venues: order books, automated market maker pools, and cross-currency payments routed through ledger liquidity. Ripple USD has been a growing part of the picture; Evernorth's earlier RLUSD study found about $900 million in RLUSD-XRP volume over six months, with order books now handling roughly 80% of that activity. The RLUSD analysis also showed that AMM pools once held a larger share of that trading pair, before order books overtook them during 2026. The report also cites about $4 billion in tokenized assets on XRPL, eight consecutive weeks of spot ETF inflows, and a nearly 40% increase in new wallets in late June. Evernorth is not a neutral observer: its treasury strategy centers on actively managing XRP through a proposed public market structure backed by Ripple and other investors, with expected proceeds above $1 billion and a planned Nasdaq listing. A prior institutional-scale XRPL transaction connected Ripple, Mastercard, Ondo Finance and J.P. Morgan's Kinexys through tokenized Treasury redemptions. Still, the firm cautioned that the ledger cannot prove institutional causation, noting that while XRP has no business that closes at 5 p.m., the data still shows clear peak trading hours.

On-chain reserve data is telling a different but complementary story for XRP, the altcoin that has struggled near $1 in recent sessions. Exchange-reserve data from CryptoQuant shows XRP balances on Upbit, Binance and Bithumb have fallen by roughly 240 million since late May and early June, as of Aug. 19. Upbit, the largest of the three, held 6.40 billion XRP, down about 110 million, or 1.7%, from 6.51 billion on May 30. Bithumb's balance fell to 1.82 billion from 1.85 billion on June 2, a drop of roughly 30 million. Binance recorded the steepest percentage decline, with reserves dropping to 2.62 billion from 2.72 billion, a reduction of about 100 million XRP, or 3.7%. Combined reserves across the three platforms slipped from about 11.08 billion to 10.84 billion, a decline of roughly 2.2%. Upbit and Bithumb together still hold about 8.22 billion XRP, nearly 76% of the tracked supply. The price has not mirrored the outflow trend: XRP has been trading near $1, far from its all-time high, and is down almost 10% over the past month. Wallet-activity data reinforces the outflow trend. Withdrawals have outpaced deposits for most of the period, and the trend accelerated in mid-July. Coinbase recorded a seven-day net wallet count of -14,300 as of Aug. 18, its largest share of the total absolute imbalance since July 2024. Binance posted a net wallet count of -3,270, and Crypto.com registered -2,680; both turned negative around July 18. Upbit's share of the imbalance declined to about 12% from 40% in June. The combination of shrinking balances and negative exchange wallet counts suggests that holders have been moving XRP off platforms despite short-term bear market pressure, a pattern often read as accumulation.

Taken together, the two data points describe an XRP market that is becoming more institutional in its trading rhythm while exchange inventories shrink. Evernorth's time-concentration data points to workflow-driven participation aligned with traditional banking hours, and the falling exchange balances indicate holders have been reluctant to sell into weakness. The most load-bearing evidence is still the ledger itself: public XRPL records timestamp each trade and reveal the three-hour cluster, but they do not disclose who initiated those trades, so the institutional thesis remains inference rather than confirmed fact. The XRP Ledger's own documentation frames order books and automated market makers as separate liquidity venues, and that is where the on-chain signature is visible. Spot XRP has also moved 10.1% over the last 24 hours, adding a fresh volatility layer to the reserve story.