XRP Ledger Transactions Triples In One Year. What's Going On?

Daily transaction volume on the XRP Ledger has surged to almost 3 million as of this week, a near-tripling of the approximately 1 million transactions recorded per day in mid-2025, according to data published by Evernorth, the largest public XRP treasury company.

XRP Ledger Activity At Record Levels

Recent data shows the XRP Ledger is now processing almost 3 million transactions daily, making it one of the busiest periods in the network’s history. The increase places current activity far above levels recorded earlier in the cycle, especially in the mid-2025 months, when XRP was pushing to new all-time highs. 

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The chart data revealed by Evernorth, sourced from XRPScan data, shows February 2026 as the strongest month in the observed window, with average daily transactions climbing to approximately 1.3 million over the month, up from 800,000 in May 2025 on a monthly average basis. Individual daily peaks in March are now at 3 million transactions.

The XRP Ledger’s transaction count has not followed a linear path. Monthly average XRP transactions fluctuated between 800,000 and 950,000 from May to August 2025, before declining to lows around 700,000, and, on certain days in June and July, falling below that threshold. A recovery in the fourth quarter of 2025 proved modest, but transactions again fell during the end of the year.

The XRP transactions changed meaningfully at the start of the current year. Monthly average transactions crossed above 1 million in January 2026, and daily transactions are now above 2.7 million in March 2026, up from a peak of 1 million per day in mid-2025.

Chart Image From X. Source: @evernorthxrp 

Activity And Price Moving In Opposite Directions

Although transactions are high, XRP’s market price has not yet followed the increase in network usage. The cryptocurrency is still moving within a relatively narrow range around $1.4. However, that gap between network utility and token pricing may not persist indefinitely.

XRPUSD currently trading at $1.41. Chart: TradingView

While speaking in a recent interview with Paul Barron, Zach Pandl, Head of Research at Grayscale Investments, discussed how regulatory clarity in the United States could impact XRP’s long-term valuation.

According to the executive, products tied to XRP have already been attracting huge demand from investors. However, regulatory clarity, specifically the passage of the CLARITY Act, could influence a meaningful repricing of XRP. “I think we would see a pricing across a range of assets, certainly including XRP,” he said.

Interestingly, the Grayscale executive also identified the long-term token supply outlook of XRP as a particular area where legislative clarity could increase its value.

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This idea of institutional involvement in XRP is also reflected through Evernorth. The company announced a $1 billion valuation in October 2025 to accumulate XRP as a treasury reserve. Evernorth’s concept follows the same strategy popularized by Strategy, which has built a corporate treasury around Bitcoin. However, instead of just holding, Evernorth seeks to grow XRP per share over time by participating in institutional lending and other DeFi activities.

Featured image from Getty Images, chart from TradingView