On-chain analytics firm Glassnode reported on March 8 that approximately 36.8 billion XRP, representing nearly 60% of the circulating supply, is currently held at a loss, with the total unrealized loss denominated in USD sitting at roughly $50.8 billion.
The figure highlights the extent of the asset’s recent downturn as it trades near $1.34, down more than 63% from its all-time high of $3.65 reached in July 2025.
Data Shows Large Unrealized Losses Across XRP Supply
The unrealized profit and loss metric measure the difference between the current market price and the price at which tokens last moved on-chain. This method weighs each coin by its purchase cost rather than simply counting how many tokens sit above or below market price. Analysts often use the indicator to gauge investor sentiment during different stages of market cycles.
XRP has struggled over multiple timeframes, down 0.5% over the past week, 7.1% monthly, and more than 42% in the last year. The persistent weakness has left the majority of holders facing paper losses of $50.8 billion, creating an environment where selling pressure could emerge if prices recover toward individual cost bases.
Earlier attempts to recover ground stalled near $1.45, with the rejection occurring during a week when U.S. XRP ETFs posted net outflows, including $16.62 million leaving the products on March 6, the largest daily withdrawal since late January.
Derivatives Activity Rises While Analysts Debate Market Cycle
Despite the heavy unrealized losses across the supply, trading activity in derivatives markets has picked up across several exchanges. According to CoinGlass data, XRP futures volume on BitMEX has spiked more than 7,000% to around $49 million, suggesting traders may have increased leverage while waiting for a clearer price direction.
Meanwhile, Binance recorded about $733 million in XRP futures volume in the last 24 hours, with other platforms like Bybit and OKX also reporting large turnover. At the same time, some indicators point to slower spot trading activity. Data shared by analytics account Arab Chain showed Binance’s 30-day volume Z-Score near −1.16, meaning daily trading volume currently sits below its recent average.
However, market commentary on X reflects mixed views about the next move, with XRP permabull EGRAG Crypto writing that the asset’s cycles often include both price declines and extended consolidation periods before a new expansion phase begins. In the same thread, the analyst suggested the current structure may represent a period of “time-based capitulation,” where sentiment resets during long sideways trading.
Other forecasts remain cautious, with some analysts arguing that XRP could revisit sub-$1 levels, with one projection pointing to a potential support area near $0.90 if the downward channel seen since mid-2025 continues.
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