Recent on-chain data provided by analytics boutique Glassnode has revealed that a massive swath of the network is currently underwater.
According to the latest metrics released by blockchain intelligence firm Glassnode, approximately 36.8 billion XRP tokens are currently held at a loss. This represents an eye-popping $50.8 billion in unrealized losses across the XRP ecosystem.
XRP's topsy-turvy ride
An "unrealized loss" occurs when the current market price of an asset drops below the original acquisition price of the tokens held in a specific wallet.
Throughout 2025, XRP's price (the black line) experienced a headline-grabbing parabolic run. The Ripple-linked token soared past the $1, $2, and eventually breached the $3 level, setting a new record high.
During this euphoric peak, the grey area virtually vanished, dropping close to zero. At the height of the 2025 bull run, nearly every single XRP token in circulation was holding unrealized profits.
Then, however, XRP nose-dived back toward the $1 to $2 range. The grey "Supply in Loss" has experienced an upward surge, eventually reaching the current 36.8 billion XRP level.
This current spike in unprofitable supply is approaching historical "max pain" thresholds in line with previous bear markets.
It remains to be seen whether or not these trapped buyers will hold out for a macro reversal. One should not rule out a new wave of capitulation selling.
After a brief relief rally in January, XRP succumbed to heavy sell-side pressure. The price sliced through multiple psychological support levels with minimal bounce. Since that massive February drop, XRP has so far failed to pull off any meaningful relief rally. The price is currently hovering precariously near the bottom of this consolidation range, changing hands at $1.34, CoinGecko data shows.
Dan Burgin
Vladislav Sopov
