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After studying fresh on-chain data for June 2026, Glassnode analysts have come to a discouraging conclusion - XRP Ledger, the blockchain with the native token of the same name, is going through a severe hangover after a speculative boom of 2025.
Experts are recording an alarming combination as organic demand within the network has almost disappeared, while the market has entered a capitulation phase, dragging the asset's market value down with it. The main marker of this pressure is the realized profit and loss indicator (90D-SMA), which has collapsed to 0.38.
This means that for every dollar of realized losses, there are now only 38 cents of realized profits.
Compared with last year, when XRP was updating multi-year price records, the picture has turned into a mirror image. Back then, profit-taking exceeded loss-making sales by 50 times.
Now, amid a prolonged decline in prices, the market is overloaded with loss-making transactions. As a result, XRP's structure has become structurally fragile, with about 41.5% of the entire circulating supply, or 26.5 billion coins, now "underwater", while the share of profitable addresses has contracted to 58.5%.
No demand, no fuel for XRP
Most of those moving coins right now against the backdrop of a falling price chart entered the market too late and are now being forced to close positions at a loss. What makes the situation even worse is that XRP is simultaneously losing its fundamental support: the network is emptying at a record pace.
The average daily volume of fees paid (90D-SMA) has fallen from 5,900 XRP in February 2025 to a symbolic 500 XRP today. Glassnode's charts clearly show this alarming decoupling: while the coin's price is trying to avoid a full collapse, the volume of network fees is already effectively lying "on the floor".
A 91.5% loss is not a technical optimization of fees, but a sign of a large-scale user exodus after the speculative hype faded, Glassnode concludes.
In the final analysis, XRP holders are trapped. From above, the price is being pressured by a giant overhang of loss-making positions ready to sell into any rebound. From below, there is no network activity capable of pushing prices higher.
Under such conditions, counting on a quick trend reversal is a scenario that directly contradicts the hard numbers of the blockchain.
U.Today Editorial Team
Dan Burgin
