XRP remained under pressure through much of 2026 even as XRP Ledger trading, stablecoin liquidity, tokenization and institutional infrastructure expanded. Evernorth’s Q2 2026 XRP Liquidity Report found average daily order-book volume rose 79% year over year to 3.57 million XRP, while daily order-book trading accounts fell to 1,111 from 1,864. Average volume per account therefore rose to about 3,217 XRP from 1,072 XRP. Total XRPL decentralized-exchange volume averaged 4.42 million XRP per day after recovering from a 2025 low, with order books representing 81% of activity versus 54% a year earlier, although total volume was 16% below an unusually active first quarter. Average RLUSD balances on XRPL reached $539 million, up 642% from $73 million a year earlier, while the ledger’s share of RLUSD supply rose to 34% from 20% and average network value held reached a series-high $4.26 billion. Broader account activity weakened to six-quarter lows, with daily transacting and new accounts down about 25% year over year. Separate market data showed XRP’s year-to-date decline, reduced spot and futures activity, and roughly 500 million XRP withdrawn from Binance reserves since November 2025, increasingly through whale-led flows. XRP also tested support near $1.32 after stalling near $1.56, while Evernorth advanced a proposed Nasdaq listing through a merger with Armada Acquisition Corp. II under the ticker XRPN.