The XRP Ledger recorded sharply higher trading intensity among a smaller set of active accounts in the second quarter, according to a quarterly report shared by Evernorth, the XRP treasury company preparing to list on Nasdaq, with CoinDesk. Average daily order-book volume reached 3.57 million XRP, up 79% from a year earlier, while accounts initiating those trades fell to about 1,100 from more than 1,860. Daily trading per account consequently rose to roughly 3,200 XRP from about 1,070. The data cannot establish whether institutional traders are replacing retail participants because one person may control multiple accounts and firms may do the same. The number of assets traded against XRP also declined to about 319 a day from 480, the lowest level in the six quarters covered. The order book represented 81% of trading on the ledger's decentralized exchange, or DEX (direct peer-to-peer blockchain trading), compared with 54% a year earlier. Total DEX volume averaged 4.42 million XRP daily, 20% above a year earlier but 16% below the first quarter of 2026. Tokenized assets averaged $3.72 billion, more than double the first quarter and over 30 times the year-earlier level. Combined with average RLUSD balances of $539 million, network value reached about $4.26 billion, versus $99 million six quarters earlier. RLUSD, Ripple's dollar-backed stablecoin (cryptocurrency designed to track a fiat currency), accounted for much of the increase. Yet average daily transacting accounts fell 24% to about 16,600 and new accounts dropped 25% to 2,800. The broader crypto market also weakened, with onchain exchange volume down 46% year over year and transaction fees across seven major programmable blockchains down 38%. Infrastructure upgrades, institutional-focused features, U.S. spot XRP ETF inflows of $273 million, and progress on the CLARITY Act provided additional developments during the quarter.