Glassnode data shows that only 58.5% of XRP’s circulating supply is now in profit. That is the weakest reading since late November 2024, when the token hovered around $0.53.
Even at today’s price of roughly $2.15, about 41.5% of all circulating XRP, equating to nearly 26.5 billion tokens, sits at a realized loss.
According to the firm, the imbalance reflects how much of this year’s trading volume clustered near elevated price zones. That concentration has left late buyers exposed as momentum fades.
According to CryptoSlate’s data, XRP has dropped 12% in the past six months and trades 40% below its July cycle peak of $3.65.
Notably, derivatives activity has reinforced that cautious sentiment.
Open interest tracks the value of active futures contracts. As a result, lower levels typically show that speculative demand is weakening and traders are pulling back from directional bets.
This explains why XRP’s price growth has stalled significantly since its post-election spike. Indeed, XRP has traded chiefly sideways in a tight range around $2.10, disappointing traders who expected follow-through above that level.
Apart from that, XRP’s price has struggled significantly because its long-term holders have stepped up their profit-taking.
According to the firm, this cohort profit-realization activity has risen 240% since September, climbing from about $65 million a day to nearly $220 million.
Despite the short-term weakness, the token’s underlying fundamentals remain intact.
Moreover, institutional interest in the digital assets continues to rise.
Additionally, the firm also flagged recent retail sales as evidence of an imminent price rebound.
It noted that wallets holding fewer than 100 XRP have sold 1.38% of their balances since early November. Retail capitulation often precedes rebounds, and analysts are watching the trend as a potential sign of recovery.
