Evernorth's XRP (XRP) Liquidity Report Shows Ledger Order-Book Volume Up 79%

Order-Book Volume Climbs 79%

Trading on the XRP Ledger grew markedly larger in the second quarter even as it became more concentrated. Data compiled in Evernorth's Q2 2026 XRP Liquidity Report shows that average daily order-book volume on the XRP Ledger reached 3.57 million XRP, a 79% increase over the same three-month period a year earlier. That expansion arrived despite a steep drop in participation: the number of accounts executing trades each day fell to 1,111 from 1,864 over the same span. The two movements point in a single direction — fewer accounts, each moving considerably more of the asset. Average daily volume per active account climbed to 3,217 XRP from 1,072 XRP twelve months earlier, close to a threefold jump in trade size. Order-book activity also tightened its hold on the ledger's exchange flow, accounting for 81% of total on-chain trading during the quarter, against 54% in the year-ago period. Evernorth, an XRP-focused digital asset treasury company, publishes the report to track how liquidity for XRP coverage markets develops across its native settlement layer. Notably, the report stops short of explaining the driver behind the bigger order sizes; whether institutional desks, professional market makers or corporate treasury operations are behind the shift is not addressed in the data. For ledger observers, the pairing of rising volume and a shrinking active-account base is the structural change that matters most in the quarter's numbers.

RLUSD Supply Grows Sevenfold

Liquidity on the ledger is no longer denominated in XRP alone. The average supply of RLUSD, Ripple's dollar-pegged stablecoin, on the network reached $539 million in the second quarter, up from $73 million a year earlier — a more than sevenfold expansion. RLUSD's share of its total supply held on the ledger rose to 34% from 20% over the same window. The growth stands out because the broader stablecoin market cap contracted during the quarter for the first time since 2023, meaning the ledger gained dollar liquidity while the wider segment shrank. Evernorth shared the findings in a post on X, putting the concentration trend and the stablecoin build-out side by side. A separate corporate track runs in parallel: Evernorth is preparing to become a publicly traded digital asset treasury company through a proposed combination with Armada Acquisition Corp. II. The companies said last month that the U.S. Securities and Exchange Commission had declared their Form S-4 registration statement effective, the step that clears the merger to proceed to a shareholder vote. Armada shareholders are scheduled to vote on the transaction on September 30. If approved and completed, the combined company is expected to trade on Nasdaq under the ticker XRPN, giving public-market investors a treasury-style vehicle tied to XRP holdings. The listing path follows a broader institutional build-out around the asset, from the recent Ripple and Settlemint combined XRP custody and tokenization platform in Asia to spot XRP ETF inflows that have run at $170 million across 11 straight sessions. Readers tracking the market in real time can follow live spot and futures prices on MEXC.

shared the findings in a post on Xhttps://x.com/evernorthxrp/status/2095129439848030366

Fewer Hands, Bigger Trades

Our reading of the report is that the ledger's microstructure is maturing: volume consolidating into fewer, larger orders is a pattern typically associated with professional and institutional flow rather than retail churn, and the sevenfold RLUSD expansion reinforces that dollar-denominated depth is accumulating on-chain. With a Nasdaq-listed treasury vehicle pending a September 30 vote, XRPL's liquidity base looks increasingly institution-shaped — a notable development in an altcoin market still defined by thin, fragmented order books.