The average value held on the XRP Ledger reached $4.26 billion in Q2 2026, the highest reading in the six-quarter period studied, according to new data. The figure marks a sharp climb from $99 million six quarters earlier, a surge driven largely by a 642% jump in average RLUSD balances to $539 million.
Why the value jumped
RLUSD, the stablecoin running on the XRP Ledger, now accounts for a significant slice of the network's total value. Average RLUSD balances rose from $73 million a year earlier to $539 million in Q2 2026. That growth tracks with the overall increase in value held on the ledger, which has climbed steadily over the past year and a half.
The $4.26 billion average is not a peak snapshot but a quarterly mean, meaning the ledger held that much value on a typical day during the period. The previous quarters in the study did not come close to that level, making the jump a clear outlier in the data.
A split in activity
While value on the ledger is up, user activity tells a different story. Daily transacting accounts averaged about 16,600 in Q2 2026, down 24% from a year earlier. The drop suggests fewer wallets are moving funds, even as the total value parked on the network grows.
Order-book trading shows a similar divergence. Average daily order-book volume rose 79% to 3.57 million XRP, but the number of accounts initiating those trades fell by about 41% to roughly 1,100, down from more than 1,860 a year earlier. In short, fewer traders are placing larger orders.
What the numbers mean
The pattern points to a network where institutional or larger holders are accumulating and trading in bigger chunks, while retail-level activity fades. The RLUSD growth fits that picture — stablecoin balances typically swell when users park funds for settlement or yield rather than for frequent trading.
The drop in daily transacting accounts could reflect a consolidation phase, or it could signal that the network's retail base is shrinking. The data covers only six quarters, so it's unclear whether the trend will hold or reverse.
The next quarterly report will show whether the $4.26 billion average was a peak or a new baseline. If RLUSD balances keep climbing, the ledger's total value could push higher. If they stall, the record may stand for a while.
