Why 26.5 billion XRP tokens are now sitting at a loss despite a $2 price tag
XRP is below renewed stress because the broader market downturn drags its profitability metrics again to ranges final seen throughout Donald Trump’s November 2024 re-election.
Glassnode information exhibits that solely 58.5% of XRP’s circulating provide is now in revenue. That is the weakest studying since late November 2024, when the token hovered round $0.53.
Even at at this time’s price of roughly $2.15, about 41.5% of all circulating XRP, equating to almost 26.5 billion tokens, sits at a realized loss.
According to the agency, the imbalance displays how a lot of this 12 months’s buying and selling quantity clustered close to elevated price zones. That focus has left late consumers uncovered as momentum fades.
According to CryptoSlate’s information, XRP has dropped 12% prior to now six months and trades 40% beneath its July cycle peak of $3.65.
Why is XRP struggling?
Notably, derivatives exercise has bolstered that cautious sentiment.
According to CoinGlass data, XRP futures open curiosity has collapsed to about $3.8 billion, down sharply from almost $10 billion earlier this year.
Open curiosity tracks the worth of lively futures contracts. As a end result, decrease ranges sometimes present that speculative demand is weakening and merchants are pulling again from directional bets.
This explains why XRP’s price development has stalled considerably since its post-election spike. Indeed, XRP has traded mainly sideways in a tight vary round $2.10, disappointing merchants who anticipated follow-through above that stage.
Apart from that, XRP’s price has struggled considerably as a result of its long-term holders have stepped up their profit-taking.
Glassnode noted that buyers who accumulated XRP beneath $1 forward of the late-2024 run are now unwinding positions at a breakneck tempo.
According to the agency, this cohort profit-realization exercise has risen 240% since September, climbing from about $65 million a day to almost $220 million.
Strong fundamentals
Despite the short-term weak point, the token’s underlying fundamentals stay intact.
Earlier this 12 months, Ripple resolved its multi-year dispute with the US Securities and Exchange Commission (SEC) via a settlement following a number of favorable rulings.
At the identical time, Ripple’s recent $500 million raise, strategic acquisitions of Palisade and Hidden Roads, and several partnerships are strengthening the corporate’s product suite and increasing its international presence.
Market analysts view these developments as supportive of the asset’s long-term positioning as a result of they construct out the ecosystem that depends on the token.
Moreover, institutional curiosity within the digital property continues to rise.
Several spot XRP ETFs have launched in November 2025, together with merchandise from Franklin Templeton, Bitwise, 21Shares, and CoinShares. Notably, Canary Capital’s XRPC ETF has already drawn practically $278 million in early inflows, in accordance with SoSoValue data.
At the identical time, the blockchain analytics platform Santiment famous that XRP stays a main subject throughout social platforms, with discussions specializing in ETF launches, market volatility, and the token’s positioning relative to Bitcoin, Ethereum, Solana, and Cardano.
Additionally, the agency additionally flagged current retail gross sales as proof of an imminent price rebound.
It famous that wallets holding fewer than 100 XRP have offered 1.38% of their balances since early November. Retail capitulation typically precedes rebounds, and analysts are watching the development as a potential signal of restoration.
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