London–New York three-hour window holds 23% of XRP volume

Evernorth posted on Aug. 18 that weekday on-chain XRP activity increasingly concentrates between 1 p.m. and 4 p.m. Coordinated Universal Time. The firm reported that the three-hour London–New York overlap accounted for 23.5% of weekday on-chain volume in July, up from 14.3% in the same month a year earlier. The intraday spike reached its highest point near 2 p.m. UTC, where activity approached 10% of hourly volume.

The pattern appears across the main trading routes on the XRP Ledger: order-book trades, automated market maker pools and cross-currency payments that route through available liquidity. Official XRPL documentation describes offers on the ledger as functioning like limit orders while AMMs operate as a separate path for swaps. Cross-currency payments can consume those offers when searching for conversion paths.

Evernorth linked the timing to rising institutional engagement but noted that public ledger records do not identify the parties behind transactions. The firm wrote, “XRP’s on-chain market has been growing during banker hours,” and added that the three-hour window now carries roughly 23% of weekday on-chain XRP, compared with about 14% a year earlier.

Other on-ledger indicators the firm highlighted include about $4 billion in tokenized assets on XRPL, eight consecutive weeks of spot exchange-traded fund inflows into the broader XRP ecosystem, and roughly a 40% increase in new wallets in late June. Earlier Evernorth research showed approximately $900 million in RLUSD‑XRP volume over six months and that order books made up about 80% of trades by 2026 after automated market makers previously held a larger share.

Evernorth has disclosed plans for an institutional-focused XRP treasury product and included in its filings an expectation of more than $1 billion in gross proceeds and a proposed Nasdaq listing backed by Ripple and other investors. Public XRPL records provide timestamps, amounts and routes used but generally do not disclose the identities of account holders.

The London–New York overlap is a standard liquidity window in global finance because both centers operate at the same time. Evernorth pointed to a prior coordinated XRPL transaction that connected established financial firms as an example of companies using the ledger in settlement workflows.