XRP Trading Surges During London-New York Hours
XRP trading activity on the XRP Ledger is increasingly concentrated around the overlapping business hours of London and New York, according to research from Evernorth.
Evernorth said 23% of on-chain XRP trading now takes place during the three-hour period when the two major financial centers are simultaneously operating. That share has more than doubled from 11% a year earlier, indicating a significant shift in the distribution of activity across the XRP Ledger.
The findings were based on an analysis of July XRP Ledger data through Dune Analytics.
London-New York Overlap Drives XRP Trading Activity
The three-hour period covers London's afternoon and New York's morning, creating a brief window in which financial institutions in both markets are active at the same time.
Although the period accounts for only 9% of the week, it represents nearly one-quarter of XRP's on-chain trading volume. The concentration suggests that institutional operating schedules are becoming increasingly visible in the network's transaction patterns.
The XRP Ledger remains available around the clock, but activity rises during the period when European and U.S. financial markets overlap. This window can support payments, settlements and currency conversions between participants operating in the two financial centers.
Higher Activity Across XRP Ledger Trading Routes
Evernorth identified increased activity across three major trading routes within the XRP Ledger ecosystem.
XRPL order books recorded elevated activity as participants submitted and matched transactions through the network's decentralized exchange. Automated market maker pools also processed increased volumes through asset swaps supported by liquidity provided by network participants.
Cross-currency settlements conducted through these systems showed a similar concentration during the overlapping London and New York business hours.
The pattern across multiple trading mechanisms indicates that the increase is not confined to a single feature of the XRP Ledger. Evernorth considers the broader activity distribution consistent with growing use of XRPL for structured blockchain transactions by financial institutions.
Evernorth Data Does Not Identify Individual Institutions
The analysis does not identify the specific financial institutions responsible for transactions conducted during the three-hour period. It also does not distinguish between payments, currency conversions, liquidity management or other potential settlement purposes.
Despite those limitations, the change from 11% to 23% represents a substantial shift in XRP's on-chain volume distribution.
If the pattern persists, the concentration of trading activity could provide useful information for liquidity providers seeking to understand when transaction demand and market participation are strongest.
Evernorth's findings indicate that institutional business hours have become a more prominent factor in the timing of XRP Ledger trading activity, particularly during the overlap between London's afternoon and New York's morning.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.