Trading participation accounts on the XRP Ledger fell, but trading volume per account tripled over the past year, increasing trading concentration, CoinPost reported on Thursday.

Evernode, a company that holds XRP, released a second-quarter 2026 XRP Ledger liquidity report. Based on Evernode data, the number of daily trading accounts on the XRP Ledger decentralised exchange order book fell to 1,111 from 1,864. Average daily trading volume per account expanded to 3,217 XRP, about three times from a year earlier. That means actual trading size became concentrated in fewer accounts even as the number of participants declined.

Average daily trading volume across the entire order book rose 79 percent from a year earlier to 3.57 million XRP. The order book's share of total DEX trading also climbed to 81 percent from 54 percent. That indicates order-book-centred trading strengthened compared with automated market maker pools.

The value of assets held on the ledger also increased. Average quarterly asset value hit $4.26 billion, the highest level in the past six quarters. Evernode said a permissioned domain for institutional investors and permissioned trading launched in February were behind the change. The report showed an expanding share of funds from professional investors.

RLUSD also posted notable growth in the second quarter. Average RLUSD balances on the XRP Ledger rose about sevenfold to $539 million from $73 million a year earlier. Over the same period, RLUSD supply on the XRP Ledger rose 642 percent from a year earlier, even as total stablecoin supply across the industry fell for the first time since the third quarter of 2023. Value transferred also rose 925 percent, and the XRP Ledger's share of total RLUSD supply increased to 34 percent from 20 percent.

Infrastructure expansion continued. On June 4, RLUSD widened its supported chains to include Base and Optimism through Wormhole's native token transfer standard, without wrapped assets. It was also announced on May 20 that an Ethereum-compatible smart contract sidechain for the XRP Ledger moved to Cosmos EVM, where maintenance continues.

Capital flows also supported the trend. The report, citing data compiled by SosoValue, said U.S. XRP spot ETFs recorded total net inflows of $273 million in the second quarter. Monthly inflows were $81.59 million in April, $131.94 million in May and $59.46 million in June, and none of the three months turned to net outflows.

The report also mentioned the regulatory environment. The Office of the Comptroller of the Currency implemented a final rule on April 1 confirming that national trust banks can perform custody services even if they are not acting in a fiduciary capacity. The report noted, however, that the rule itself does not directly target cryptocurrencies.

In the second quarter, the XRP Ledger saw expanded order-book-centred trading, higher RLUSD circulation and ETF inflows at the same time. The report said the key point was not that participation broadened, but that trading influence grew for a small number of accounts, and that institutional infrastructure and stablecoin expansion coincided with shifts in the liquidity structure.