XRP Daily Active Addresses Drop: Time to Sell Ripple?

The XRP Ledger is showing a surprising shift in trading activity.

Daily accounts initiating trades on the XRPL order book fell from 1,864 in Q2 2025 to 1,111 in Q2 2026, a decline of roughly 40%. At the same time, average daily order-book volume increased 79%, rising from around 1.99 million XRP to 3.57 million XRP.

At first glance, fewer active traders could look bearish for XRP. But the increase in trading volume tells a different story.

The latest data suggests that fewer accounts are participating in the market, while those that remain are moving significantly larger amounts of XRP. That makes the key question less about the number of traders and more about where XRPL liquidity is coming from and whether the shift is sustainable.

Key Takeaways

• XRPL daily order-book traders fell 40% YoY, from 1,864 to 1,111 accounts.

• Order-book volume increased 79%, reaching about 3.57 million XRP per day.

• The data points to larger and more concentrated trading activity, but it does not by itself confirm that XRP holders should sell.

XRP Trading Accounts Fall 40% Year Over Year

According to Evernorth's Q2 XRP Liquidity Report, the number of accounts initiating trades on the XRPL order book dropped substantially over the past year.

In Q2 2025, the network averaged about 1,864 daily order-book traders. By Q2 2026, that figure had fallen to approximately 1,111.

That represents a decline of around 40%.

The decline is also visible across broader network participation. Daily transacting accounts decreased approximately 24% year over year, from around 21,800 to 16,600. New accounts also declined by roughly 25%, reaching about 2,800 per day.

On its own, this trend could suggest weakening retail participation.

However, trading volume moved in the opposite direction.

XRP Order-Book Volume Jumps 79%

Despite having fewer active trading accounts, XRPL's average daily order-book volume increased from approximately 1.99 million XRP in Q2 2025 to 3.57 million XRP in Q2 2026.

That's a 79% year-over-year increase.

The change becomes clearer when volume is measured against the number of active trading accounts.

The most important figure may therefore be the amount of XRP traded per active account.

It increased from roughly 1,072 XRP per day to 3,217 XRP.

In other words, the average participating account was trading nearly three times as much XRP as a year earlier.

Is XRP Liquidity Becoming More Concentrated?

The data points toward a market with fewer participating accounts but larger transactions.

Order books represented 81% of XRPL decentralized exchange volume in Q2 2026, compared with 54% a year earlier.

Total DEX volume averaged approximately 4.42 million XRP per day. Although that was about 20% higher year over year, it was also 16% lower than the unusually strong first quarter.

This distinction matters.

Higher volume does not necessarily mean that more investors are entering the XRP market. It can also mean that existing participants are trading larger amounts.

The available data cannot confirm that institutional investors are replacing retail traders. A single institution may operate multiple addresses, while an individual trader can also control several wallets.

Still, the shift toward larger transactions is consistent with the growing role of XRPL in higher-value financial activity.

More Financial Value Is Moving Onto XRPL

Trading activity becomes more interesting when viewed alongside the value held on the XRP Ledger.

Tokenized assets averaged approximately $3.72 billion during Q2 2026, more than 30 times their level a year earlier.

Average RLUSD balances also increased sharply, reaching approximately $539 million compared with $73 million a year earlier.

Together, those figures put the combined value held on XRPL at roughly $4.26 billion.

This suggests that the network's growth is not simply about the number of wallets or daily users.

XRPL is increasingly being used for stablecoins, tokenized assets and other forms of financial infrastructure. As more value enters the ecosystem, transaction activity can become larger even if the number of active accounts does not increase at the same pace.

Does Falling XRP Activity Mean It Is Time to Sell?

Not necessarily.

A decline in active trading accounts is a metric worth watching, particularly because sustained user growth is generally important for a healthy blockchain ecosystem.

But the 40% decline in daily order-book traders should not be interpreted in isolation.

At the same time:

• Order-book volume increased 79%.

• XRP traded per active account nearly tripled.

• Order books captured 81% of XRPL DEX volume.

• Tokenized assets reached approximately $3.72 billion on average.

• Average RLUSD balances increased to about $539 million.

Taken together, these figures describe a change in the composition of activity rather than a straightforward collapse in demand.

For XRP investors, the more important question is whether this concentration continues to produce sustainable liquidity and network usage.

If active accounts continue falling while volume becomes increasingly dependent on a small number of large participants, that could eventually become a risk.

If transaction values, tokenized assets, stablecoin liquidity and DEX activity continue expanding, however, the decline in account numbers may tell only part of the story.

What Does This Mean for XRP Investors?

The Q2 data does not provide a simple buy-or-sell signal.

Instead, it highlights a structural shift within the XRP Ledger.

The network is processing larger amounts of value through fewer active trading accounts. At the same time, tokenized assets and RLUSD balances have expanded significantly.

That could indicate that XRPL is moving toward a more value-intensive financial ecosystem.

However, investors should distinguish between network growth and user growth. More capital moving through a blockchain does not automatically mean that the underlying token will appreciate.

For XRP holders, several metrics are worth monitoring in future reports: daily active accounts, new accounts, DEX volume, order-book liquidity, RLUSD balances and the value of tokenized assets on XRPL.

These indicators can provide a more complete picture than active addresses alone.

XRP Active Addresses: Bullish or Bearish?

The latest data is mixed rather than clearly bearish.

Fewer accounts are actively trading, but the accounts that remain are moving considerably more XRP. Meanwhile, the amount of financial value held on XRPL has grown rapidly.

That makes the 40% decline in active trading accounts less straightforward than it first appears.

The bigger question is whether XRPL can continue attracting liquidity and financial activity while broadening its user base.

For traders, that distinction is important when deciding whether a decline in active addresses represents genuine weakness or simply a shift toward larger-value participants.

Conclusion

XRP Ledger's latest liquidity data presents a market that is becoming more concentrated, not necessarily weaker.

Daily order-book traders dropped approximately 40% year over year, but order-book volume rose 79%. Average XRP traded per active account nearly tripled, while tokenized assets and RLUSD balances expanded significantly.

Therefore, the decline in active trading accounts alone is not enough to conclude that it is time to sell XRP.

Investors should instead watch whether XRPL can maintain rising transaction value, liquidity and financial activity while recovering broader participation.

The next quarterly data may reveal whether this is the beginning of a more institutionalized XRPL market—or an early sign that participation is becoming too concentrated.

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FAQ

Why did XRP Ledger traders fall?

Daily order-book traders declined about 40% year over year, although the data does not identify one specific cause.

Did XRP trading volume increase?

Yes. Average daily XRPL order-book volume rose about 79% year over year.

Is falling XRP active addresses bearish?

Not necessarily. Fewer accounts are trading, but the remaining accounts are moving substantially larger amounts of XRP.

Is XRPL gaining more financial value?

Yes. Tokenized assets and RLUSD balances both increased significantly during Q2 2026.

What does higher XRP volume with fewer traders mean?

It suggests that larger transactions are driving XRPL activity, with trading becoming more concentrated among fewer active accounts.

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