XRP Ledger sees RLUSD surge as active accounts drop
XRP (XRP)
Editor:
Eugene Serbin
Cvj.ai reports that the XRP Ledger experienced a paradox in Q2 2026, where daily active accounts fell sharply while trading volumes and RLUSD stablecoin supply surged. According to the Q2 2026 XRP Liquidity Report from Evernorth, daily active accounts dropped to 1,111, a decline of over 40% from the 1,864 recorded in the same period last year. Despite this drop in participation, average daily order book volume rose 79% year-over-year to 3.57 million XRP.
The average daily trading volume per active account more than tripled, climbing from 1,072 XRP to 3,217 XRP. Evernorth attributes 81% of total on-chain trading volume to order book trading in Q2 2026, up from 54% the prior year. Parallel to these dynamics, the average RLUSD supply on the ledger reached $539 million, up from $73 million a year earlier.
The share of total RLUSD supply held on the ledger also rose from 20% to 34% during the same period. This growth occurred even as the overall stablecoin market contracted for the first time since 2023. Evernorth is preparing for a public market debut, with the SEC declaring effective the Form S-4 registration statement for its combination with Armada Acquisition Corp. II. Shareholders of Armada are scheduled to vote on the transaction on September 30, with the combined entity expected to trade on the Nasdaq under the ticker XRPN.
How the market reacted
Whalio's own Binance spot order flow for XRP, measured when this story was written up on 5 September 2026. Not the outlet's figures.
XRP is trading at $1.40 on Binance spot, with a 1-hour buy ratio of 51.5% and a 4-hour buy ratio of 50.3%, both indicating a slight majority of buy orders. These short-term ratios are higher than the 24-hour buy ratio of 49.3%, suggesting that buying pressure is building in the immediate term rather than fading. The 1-hour volume delta is positive at $181,990, while the 4-hour delta is also positive at $123,066, contrasting with a negative 24-hour delta of -$3,417,142. A positive volume delta means that buy volume exceeds sell volume over that period, indicating net accumulation. Conversely, the negative 24-hour delta shows that over the full day, sell volume has outweighed buy volume. The cumulative volume delta (CVD) for the 24-hour close is +$1,799,228, and there were 13 hours of net buying out of 24.
The latest daily buy ratio of 50.6% sits at the 83rd percentile of the last 322 days, against a median of 48.5% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for XRP, averaged over the days leading up to the story.
Over the preceding week, the 7-day average buy ratio was 50.5%, making the latest day's reading 1.3 percentage points lower than the average. Volume over this period was 1.38 times the average, indicating significantly higher trading activity than usual. There were 5 days of net buying out of 7 in the past week, showing a generally positive trend over the longer timeframe. The price change over the 8-day period was +1.1%, with a total volume delta of +$10,591,383. This represents an ordinary but active period for the coin, characterized by higher-than-average volume and a slight price increase.