XRP Ledger Surpasses 5 Billion Transactions, Yet 92% of August Activity Driven by 767 Bots

XRP Ledger (XRPL) has surpassed 5 billion transactions, with new data revealing that network activity is increasingly concentrated among a small group of accounts.

Data from Bitquery indicates that 793 sender accounts generated 75.98 million of the 81.56 million transactions recorded on XRPL in August, accounting for 93.2% of the month’s activity. The firm classified 767 of these accounts as machines, responsible for 92% of all transactions, while 26 exchange hot wallets contributed an additional 1.1%.

This concentration extends beyond transaction counts. Research from Evernorth showed that XRPL order-book trading volume rose 79% year-over-year in the second quarter, even as the number of accounts initiating those trades fell by approximately 40%.

Together, these datasets point to a network processing greater activity through fewer participants. However, Evernorth noted that part of this shift could reflect professional traders capturing a larger share of the flow.

This distinction complicates the significance of XRPL’s milestone of 5.06 billion validated transactions. While the ledger is handling enormous throughput, the economic value behind that traffic increasingly depends on whether automated activity settles into trades, payments, and liquidity that require meaningful XRP balances.

One Account Placed Nearly 13 Million Orders

The gap between network activity and economic execution becomes stark at the account level.

Bitquery identified one address that generated almost 13 million transactions in August, including 12.79 million decentralized exchange (DEX) orders. Only 882 of those orders resulted in actual trades. This single account produced roughly one-sixth of all activity processed by XRPL during the month.

Across the ledger, Bitquery counted 2.97 million settled trades on XRPL’s built-in exchange from 12,153 accounts in August. This figure represents a fraction of the more than 81 million total transactions recorded during the period.

The firm’s breakdown illustrates how automation shaped the wider total. DEX order bots generated 39.25 million transactions, or 48.1% of August traffic, while dust-spraying accounts contributed another 18.79 million. NFT-related automation, check spam, and other machine activity accounted for millions more.

Most accounts sat at the opposite end of the distribution. Nearly half of the accounts active during August sent a single transaction, while four-fifths sent five or fewer. Bitquery’s lower-frequency filter, which excluded dust-level transfers, captured 89.6% of transacting accounts but only 0.8% of total ledger activity.

August signal	Bitquery result	Interpretation
Top sender cohort	793 accounts, 93.2% of transactions	Ledger activity was highly concentrated
Machine-classified subset	767 accounts, 92% of transactions	Automated categories dominated throughput
Lower-frequency, non-dust filter	89.6% of accounts, 0.80% of traffic	Most accounts contributed little transaction volume
Settled built-in DEX trades	2,970,922 trades from 12,153 accounts	Execution was far smaller than submitted activity

These numbers measure addresses rather than individual users. A single exchange wallet can represent thousands of customers, while one trading firm can operate multiple addresses, limiting how directly account concentration translates into user concentration.

Fewer Traders Are Moving More XRP

However, Evernorth’s quarterly data shows that the shrinking participant base has coincided with larger trades and deeper balances.

Order-book activity averaged 3.57 million XRP per day during the second quarter, up 79% from a year earlier. The average number of accounts initiating those trades fell to 1,111 per day from 1,864, pushing the average volume per trading account to 3,217 XRP from 1,072.

Across XRPL’s broader decentralized exchange, trading averaged 4.42 million XRP per day, approximately 20% higher year-over-year. Evernorth reported that roughly 2,435 accounts traded daily, with fewer participants moving more XRP than in the previous year.

This change gives the concentration data a more nuanced interpretation. Evernorth stated that the pattern is consistent with professional flow taking a larger share of activity as XRPL added institution-facing infrastructure, including permissioned domains and trading venues.

Capital on the network also expanded. Average value held on XRPL reached $4.26 billion in the quarter, the highest level in Evernorth’s six-quarter series. RLUSD balances averaged $539 million, up 642% from a year earlier, while the value moved through the stablecoin increased by 925%.

Broader participation weakened simultaneously. Daily transacting accounts averaged 16,587 and new accounts averaged 2,783, both down approximately 25% year-over-year.

Evernorth noted that account counts tend to be more sensitive to retail activity, which retreated across crypto markets during the quarter.

XRP’s Liquidity Test Moves Beyond Transaction Counts

For XRP, the commercial question increasingly turns on where the growing capital actually trades.

Evernorth’s trading figures count swaps involving XRP and exclude trades between two non-XRP assets. Those excluded transactions represented 18% of trades and roughly 9% of value during the second quarter, underscoring how activity can expand on XRPL without passing through XRP itself.

This leaves exchanges, market makers, and token issuers with a more demanding measure of adoption than headline transaction totals. Deeper RLUSD balances and larger professional trades can support more liquid markets, but the benefit to XRP depends on how often those markets use it as inventory, collateral, or a routing asset.

Related Reading

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The next quarters will show whether the current concentration becomes a feature of a more institutional market or remains dominated by automated traffic.

For firms committing capital to XRPL, the clearest signals will be sustained growth in settled trades, recurring accounts, and liquidity that continues to route through XRP.

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