XRP is pushing a large portion of its holders back into the red. The latest on-chain reading shows that a considerable mass of tokens has now fallen below its purchase price, bringing unrealized losses to $50.8 billion. This shift reveals the extent of the reversal suffered by the asset and calls into question the solidity of the market.
In brief
- The latest on-chain data shows that 36.8 billion XRP is currently held at a loss, for a total estimated at $50.8 billion in unrealized losses.
- This shift marks a clear reversal after the sharp rise in 2025, when XRP exceeded the thresholds of 1 dollar, 2 dollars, then 3 dollars.
- At that point, almost all of the XRP in circulation showed latent gains, before the market ebb quickly brought the losing supply back up.
- XRP is thus evolving in a zone of high fragility, where selling pressure and the risk of further capitulation sales remain at the center of concerns.
36.8 billion XRP held at a loss
According to data from Glassnode, the XRP market is facing a sharp rise in unrealized losses, as whales continue to accumulate. Around 36.8 billion XRP is currently held at a loss, the equivalent of “$50.8 billion in latent losses in the XRP ecosystem”. A massive part of the supply has now fallen below its acquisition price, while the market is coming out of a particularly violent bullish sequence.
In 2025, XRP crossed the thresholds of 1 dollar, then 2 dollars, before exceeding 3 dollars, which had almost erased the area of latent losses on the network. It should be noted that at that time, almost all XRP in circulation was showing latent gains. The ensuing ebb reversed this dynamic. So, the share of the offer in loss started to climb again.
- Around 36.8 billion XRP is currently held at a loss;
- These latent losses are estimated at $50.8 billion across the XRP ecosystem;
- The volume of XRP held at a loss has increased significantly, reaching the current level of 36.8 billion XRP;
- At the peak of the increase in 2025, “almost all of the XRP in circulation was then in latent capital gain”which shows the extent of the reversal from the highs.
A market under tension, between selling pressure and risk of capitulation
The second reading is no longer accounting, but it becomes psychological. Currently, recent buyers have been trapped after the fall. This surge in unprofitable supply is approaching the “zone of maximum pain” already observed during previous bear markets.
In the same vein, Glassnode estimates that “XRP broke the aggregate average cost price of its holders, causing liquidations”with a SOPR (7D EMA) falling from 1.16 in July 2025 to 0.96 currently.
After a rebound in January, Ripple's crypto suffered strong selling pressure, breaking several psychological supports with few rebounds. Will these holders wait until a broader reversal, or end up selling under emotional duress? 36.8 billion XRP in loss represents just over 60% of the circulating supply.
Under the pressure of latent losses, the price of xrp enters a decisive zone. The market will now have to show whether it can absorb this deterioration without giving in to a new wave of sales. At this stage, all that is at stake is the ability of buyers to hold their positions.
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