- Glassnode reports rising XRP losses as holder profitability continues declining.
- XRP Ledger activity plunged over 90% from 2025 levels.
- Nearly 26.5 billion XRP now remain underwater across market.
Glassnode has identified a troubling change in XRP’s market structure, with new on-chain metrics showing rising investor losses and weakening activity across the XRP Ledger. According to the analytics firm, the combination has created a difficult environment for holders and reduced the likelihood of a strong recovery in the near term.
One of the clearest signs of pressure comes from XRP’s realized profit and loss ratio. Glassnode reported that the indicator’s 90-day moving average has fallen to 0.38. In practical terms, investors are realizing far more losses than profits as market conditions continue to deteriorate.
The current situation stands in sharp contrast to the conditions seen during XRP’s powerful rally in 2025. During that period, profitable transactions heavily outweighed loss-making sales as the asset climbed to multi-year highs. However, extended price weakness has gradually reversed that trend, leaving a growing number of investors underwater.
According to Glassnode, approximately 41.5% of XRP’s circulating supply is now held at a loss. That represents around 26.5 billion XRP sitting below purchase prices. Meanwhile, the share of profitable holders has declined to 58.5%, highlighting the extent of the market’s shift.
Also Read: Toncoin’s 660% Futures Surge Sparks Speculation of Major TON Recovery
Network Activity Signals Growing Weakness
Glassnode also pointed to a significant decline in activity on the XRP Ledger. The firm’s data shows that average daily transaction fees paid on the network have dropped from roughly 5,900 XRP in February 2025 to about 500 XRP today. Consequently, one of the key indicators of organic network demand has weakened substantially. The decline amounts to more than 90%, suggesting that user participation has fallen considerably since speculative activity peaked during the previous market cycle.
Moreover, Glassnode noted that the reduction in fee generation reflects more than lower trading activity. The firm believes it signals a broader decline in network usage as many participants who entered during the rally have become less active or exited the market entirely. At the same time, XRP faces another challenge. A large portion of holders remain trapped in losing positions and may choose to sell during future price rebounds. As a result, any upward move could encounter additional resistance from investors seeking to reduce losses or exit positions altogether.
The combination of declining network engagement and widespread unrealized losses has altered the market landscape. While XRP remains one of the largest digital assets by market capitalization, Glassnode’s analysis suggests that stronger demand will be needed before sentiment can improve meaningfully. Glassnode’s latest findings reveal an alarming shift for XRP holders. With billions of tokens underwater and network activity continuing to contract, the market may remain under pressure until participation and demand show sustained improvement.
