XRP Ledger passes 5 billion transactions as activity concentrates in a few automated accounts

The XRP Ledger (XRPL) recorded its 5.06 billion‑transaction milestone, but new analytics reveal that most of the traffic comes from a small set of automated accounts.

Transaction concentration in August

Bitquery identified 793 sender addresses responsible for 75.98 million of the 81.56 million transactions processed in August – 93.2 % of the month’s activity. Of these, 767 were classified as machines, accounting for 92 % of all transactions. Exchange hot‑wallets contributed another 1.1 %.

Automation dominates the ledger

• DEX‑order bots generated 39.25 million transactions (48.1 % of August traffic).
• Dust‑spraying accounts added 18.79 million transactions.
• NFT‑related automation, check‑spam and other bots contributed millions more.

Only 0.8 % of total activity came from the 89.6 % of addresses that sent fewer than five transactions each.

Economic execution vs. raw throughput

While the ledger processes a high volume of messages, settled trades represent a tiny fraction of that activity. Bitquery counted 2.97 million settled trades on XRPL’s built‑in exchange, originating from 12,153 accounts – less than 4 % of the total transaction count.

One address alone placed nearly 13 million DEX orders, of which only 882 resulted in trades, accounting for roughly one‑sixth of all August transactions.

Professional traders gaining a larger share

Evernorth Research reported that order‑book trading volume rose 79 % YoY in Q2, even as the number of accounts initiating trades fell about 40 %. Average daily XRP volume per trading account increased from 1,072 XRP to 3,217 XRP.

Daily trading on the broader XRPL DEX averaged 4.42 million XRP, about 20 % higher YoY, with roughly 2,435 accounts trading each day.

Liquidity and asset balances

Average value held on XRPL reached $4.26 billion in the quarter, the highest in Evernorth’s six‑quarter series. RLUSD stablecoin balances averaged $539 million, up 642 % YoY, and RLUSD transaction volume grew 925 %.

Despite higher capital, daily transacting accounts fell 25 % YoY to 16,587, and new accounts dropped to 2,783.

Implications

The data suggest that XRPL’s growing throughput is increasingly driven by automated bots and a shrinking pool of professional traders. Whether this concentration translates into sustained liquidity for XRP depends on how often the settled trades and stablecoin activity involve XRP as inventory, collateral, or routing asset.