How much activity is on the XRP Ledger right now?

The full answer

What the ledger’s daily counters showed on September 29, 2026

DefiLlama’s XRPL chain page showed 3.19 million transactions in the 24 hours to September 29, 2026 [1]. The same page counted 45,184 active addresses and 3,129 new ones over that day [1]. Trading on the ledger’s exchanges came to $9.67 million in 24 hours and $57.99 million over seven days, down 9.32% on the week, by DefiLlama’s count [1]. Chain fees for the day totalled $1,659 [1]. DefiLlama put XRP’s market capitalization at $95.308 billion on the same page [1].

These are single-day readings. They change hour to hour, and the features that produce them are described in What features does the XRP Ledger have today?.

How much value is locked in XRP Ledger DeFi

DefiLlama showed $46.56 million of total value locked in XRP Ledger DeFi on September 29, 2026, up 2.50% over 24 hours [1]. A September 2026 capture of DefiLlama’s enterprise page gave $44.92 million and listed the ledger’s built-in exchange, XRPL DEX, at $40.09 million [2]. That capture also listed Doppler Finance, in a separate CeDeFi category, at $133.98 million [2].

The total has held in a narrow band this year. On March 13, 2026, CoinDesk cited DefiLlama’s figure for the ledger at $47.54 million [10]. How much trading that pool of liquidity supports is worked through in How much trading does XRPL DEX liquidity support relative to its size?, and whether TVL is the right yardstick at all is the subject of Is DeFi TVL a good measure of XRP liquidity?.

That entry counts only automated market maker (AMM) pools: its method “finds all AMM pools on XRPL, checks their reserves… and sums them up.”[16] Offers resting on the ledger’s order book are not counted as locked value, even though Evernorth says the order book carried 81% of DEX trading in Q2 2026.[6]

How much stablecoin value sits on the ledger

DefiLlama’s chain page showed $1.213 billion of stablecoins on the XRP Ledger on September 29, 2026, up 1.78% over seven days, with RLUSD at 92.46% of the total [1]. DefiLlama’s stablecoin page gave $1.191 billion a day earlier, on September 28, with RLUSD at 92.31% [3]. On September 25, Analytics Insight reported $1.159 billion, citing DefiLlama, of which RLUSD made up about $1.067 billion [4]. The growth path behind these figures is covered in How much stablecoin value is on the XRP Ledger, and how fast is it growing?.

Why CoinDesk counts $4.26 billion while DeFi holds under $50 million

The larger figure counts different things. CoinDesk reported on September 5, 2026, using data from Evernorth, an XRP treasury company preparing to list on Nasdaq, that tokenized assets averaged $3.72 billion in the second quarter of 2026 [5]. Adding average RLUSD balances of $539 million brought value held on the network to about $4.26 billion, against $99 million six quarters earlier [5].

Evernorth’s report of September 2, 2026 says RLUSD supply comes from a daily balance extract and tokenized assets from rwa.xyz’s daily series, with stablecoins excluded so RLUSD is not counted twice [6]. Blockworks’ second-quarter count, as CCN reported on August 20, 2026, put represented tokenized real-world assets at a record $4.46 billion. Freely transferable, distributed tokenized assets fell 5% to $386.1 million in the same quarter [7]. The split between those two numbers is explored in How much tokenized asset value is on the XRP Ledger?.

Evernorth, whose account counts appear above, reported more than 473 million XRP purchased and committed as of November 4, 2025,[18] so its research comes from a party with a stake in the asset.

How transaction and account counts compare across reports

Quarterly reports give averages rather than single days. A Messari report, as crypto.news reported, said average daily transactions rose 35.3% quarter over quarter, from 1.83 million to 2.48 million [8]. Yahoo Finance and cryptonews.net reported that the XRP Ledger processed 222.4 million transactions in the second quarter of 2026, its second-highest quarterly total, while average daily active addresses fell about 11% [7].

Evernorth’s account count is far smaller than DefiLlama’s. Its September 2 report says accounts transacting fell from 33,145 a day to 16,587 over the six quarters to the second quarter of 2026 [6]. Evernorth counts only the address that initiates activity, so accounts providing resting liquidity are left out [6]. CoinDesk added a caution on September 5: an account is not necessarily one person, so the data cannot show whether institutions are replacing retail traders [5].

Direction over time is the subject of Is XRP Ledger usage growing or shrinking?. The same measures for other networks are set side by side in How does XRP Ledger activity compare with Ethereum, Solana and Stellar?.

Evernorth, which counts “one ledger address that submitted a transaction,” found 16,587 accounts transacting per day in Q2 2026 and 2,783 new accounts per day, both about 25% lower than a year earlier.[6]

Blockworks gave about 16,800 daily active addresses for Q2, down 24.5% year over year.[15]

How much of the activity comes from a small number of accounts

The same article noted that institutions commonly automate trading, so automation alone does not invalidate economic activity [9]. Adjustments for bots, spam and self-trading are taken further in How much XRP Ledger activity is bots, spam or wash trading?.

The critique: activity measured against XRP’s market value

The strongest objection compares these figures with the token’s valuation. On March 13, 2026, CoinDesk wrote that XRP’s DeFi layer is a rounding error relative to its valuation, with the market cap driven by speculative positioning and ETF expectations rather than capital locked into on-chain activity [10]. XRP’s market cap stood at $84 billion at the time, CoinDesk said [10].

Fees tell a similar story. CCN reported on August 20, 2026 that the average transaction cost in the second quarter fell to $0.00024, with about 40,600 XRP burned during the quarter [7]. The same report concluded that billions of dollars can move across the ledger without creating substantial fee demand or meaningfully reducing XRP’s supply [7]. Whether the activity on this page supports XRP’s price is argued in Is XRP’s valuation justified by activity on the XRP Ledger?.

Fees are small too: Blockworks, as summarised by CoinEdition, said the ledger collected about $31,800 in payment and transfer fees in all of Q2 2026.[17] Whether a market value that large is explained by this activity is argued on XRP valuation versus ledger activity.