On August 18, Evernorth, an asset management firm for $XRP, reported that weekday network activity is increasingly concentrated between 13:00 and 16:00 Coordinated Universal Time (UTC). In a post on X, the company linked this trend to growing interest from institutional investors, noting that nearly a quarter of the on-chain transaction volume for $XRP on weekdays occurs during this three-hour period when it's afternoon in London and morning in New York.
Evernorth stated:
"According to ledger data we analyzed last week, the on-chain market for $XRP is growing during banking hours. This aligns with increasing interest from institutional investors."
"Three hours a day (London afternoon and New York morning) now account for ~23% of all $XRP that changes hands on-chain. A year ago, that figure was ~14%," the company added.
A chart included in Evernorth's X post shows a sharp concentration of volume in July 2026 during the overlap of the London and New York trading days, with $XRP activity peaking at around 10% at 14:00 UTC. The highlighted three-hour period accounted for 23.5% of weekday on-chain transaction volume, compared to 14.3% in the same period in July 2025, indicating stronger concentration during traditional financial market hours.
This Pattern Holds Across Three XRPL Trading Venues
According to Evernorth, the same intraday concentration was observed in order book trades, automated market maker (AMM) pools, and cross-currency payments routed through the ledger's liquidity. Official $XRP Ledger documentation explains that offers function as limit orders, while AMMs provide a separate route for swaps. Cross-currency payments can utilize available offers when seeking an efficient conversion path.
Evernorth elaborated:
"The same trend holds across all three ways to trade on the XRPL, including the order book, AMM pools, and cross-currency payments routed through them."
Previous Evernorth research showed that activity related to the Ripple USD stablecoin ($RLUSD) expanded across all these market structures as its share of XRPL trading grew. Analysis of $RLUSD trading found that $RLUSD-$XRP trading volume reached approximately $900 million over six months, with order books handling about 80% of trades by 2026, whereas automated market makers previously held a larger share.
Broader adoption metrics have also shifted in parallel with on-chain trading activity, although these metrics do not establish who is responsible for the three-hour concentration. $XRP ecosystem data showed roughly $4 billion in tokenized assets on the XRPL, eight consecutive weeks of inflows into exchange-traded funds (ETFs), and a roughly 40% increase in new wallets by late June.
Ledger Timestamps Hint at Institutional Activity, Not Proof
The overlap of London and New York trading hours is significant for global finance, as both hubs operate simultaneously, creating a period of substantial liquidity in currency markets. A previous institutional transaction on the XRPL linked Ripple, Mastercard, Ondo Finance, and Kinexys (a J.P. Morgan division) through a tokenized treasury settlement, demonstrating that established financial firms have used the ledger for coordinated settlement workflows.
Evernorth is invested in expanding $XRP's institutional role, so when presenting its interpretation, it pays special attention to clearly citing sources. The company's strategy for its $XRP treasury holdings focuses on actively managing $XRP through a proposed public market structure backed by Ripple and other investors. Filed documents indicate expected gross proceeds of over $1 billion and a planned Nasdaq listing.
Public blockchain records disclose transaction details, timing, and market routes but typically do not reveal the identity of the participating account owners. The $XRP Ledger's design enables fast settlement, token trading, and cross-border payments via a decentralized network, allowing analysts to observe activity without the ability to confirm who initiated an operation—be it a bank, trading firm, individual, or automated system.
Evernorth noted:
end-content"Nothing about $XRP ends at 5 p.m. But we are certainly seeing some peak hours."
