XRP holders are feeling the pain of the recent market downturn.
According to new data released by blockchain analytics firm Glassnode, the massive downward pressure on XRP has pushed the majority of the circulating supply underwater.
With the price currently hovering around the $1.33 mark, Glassnode reports that only 43.4% of the total XRP supply is currently held in profit.
This is the lowest profitability level that the network has recorded since July 2024.
During the 2024–2025 cycle, the metric was pinned at or near 90% to 100% for an extended period. Following the blow-off top in 2025, the right side of the chart illustrates the severe downtrend XRP is currently enduring.
Waning institutional interest?
The current weakness could be partially attributed to waning institutional interest.
As of April 2, the total net assets across all US-based XRP ETFs stand at $917 million. Just several days ago, these products were above the $1 billion mark.
Between March 5 and March 12, the ETFs experienced a severe wave of capital flight. March 6 and March 9 were particularly brutal, recording net outflows of -$16.62 million and -$18.11 million, respectively.
However, there are also some encouraging signs. The massive bleeding seems to have stopped for now. The final week of March was characterized mostly by zero-flow days and minor drawdowns (for instance, -$1.32 million on April 1).
At the same time, as reported by U.Today, there could be a potential "short squeeze" for XRP based on a bearish setup in the derivatives market.
It remains to be seen whether or not the bulls will be able to turn things around.
Dan Burgin
U.Today Editorial Team
Vladislav Sopov
