XRP's on-chain trading volume during the London-New York overlap hit 23.5% of weekday activity in July, up from 14.3% a year earlier. That's according to data from Evernorth, a treasury company, highlighted on Aug. 18.
The three-hour window when both markets are open now dominates XRP's daily trading pattern. A year ago, that same window accounted for just over a seventh of weekday volume.
The three-hour window
London's session starts at 8 a.m. local time, New York's at 9:30 a.m. Eastern. The overlap runs from 8 a.m. to 11 a.m. Eastern, or 1 p.m. to 4 p.m. in London. During those hours, traders on both sides of the Atlantic can trade simultaneously, which typically brings more liquidity and tighter spreads.
For XRP, the concentration has grown. In July, 23.5% of all weekday on-chain volume fell in that window. That's up from 14.3% in the same month last year.
A year of change
The increase is not a blip. Evernorth's data shows a steady climb over the past year. The company, which tracks on-chain activity for treasury clients, released the figures on Aug. 18.
The shift means that a larger share of XRP trades now happen when London and New York are both active. That could make price discovery during those hours more efficient, though the data doesn't break down whether the increase comes from specific exchanges or trading pairs.
What's left out
Evernorth's numbers cover only on-chain settlement volume. They don't include off-chain trading on centralized exchanges or derivatives. So the full picture of XRP activity is likely larger. But the on-chain data is a direct measure of actual settlement, which offers a clear view of where volume is concentrating.
The overlap period is just three hours out of a 24-hour trading day, yet it now handles nearly a quarter of weekday volume. That's a notable shift for a market that used to see activity spread more evenly across the day.
The question now is whether July's level holds. Evernorth's next monthly update will show if the pattern persists.
