The $XRP Ledger had fewer active accounts in the second quarter than it did a year earlier, but the accounts still trading on its main exchange were moving almost three times as much $XRP.
Order-book trading averaged 3.57 million $XRP a day during the quarter, up 79% from a year earlier. At the same time, the number of accounts initiating those trades fell to about 1,100 a day from more than 1,860.
That worked out to roughly 3,200 $XRP traded per account each day, against about 1,070 a year earlier, Evernorth, the $XRP treasury company preparing to list on Nasdaq, shared in a quarterly report with CoinDesk.
An account is not necessarily one person. A trading firm can use several, while an individual can do the same. The data therefore cannot show whether institutions are replacing retail traders — but indicates $XRP is being traded by a smaller group of active accounts.
The number of assets $XRP changed hands against on the order book fell to about 319 a day from 480, down 18% on the year and the lowest in the six quarters the report covers.
The order book also took a larger share of activity on the network’s decentralized exchange, or DEX, where users trade directly through the ledger rather than through a centralized exchange such as Coinbase or Binance. It accounted for 81% of DEX trading in the quarter, up from 54% a year earlier.