Key Takeaways
- On-chain data from Glassnode shows approximately 60 percent of XRP’s total circulating supply currently trades below acquisition cost.
- Analysis indicates 36.8 billion XRP tokens remain underwater, creating unrealized losses totaling approximately $50.8 billion.
- The token currently trades around $1.34, representing a decline exceeding 63 percent from its July 2025 high of $3.65.
- XRP exchange-traded funds in the United States experienced $16.62 million in net outflows on March 6.
- BitMEX witnessed XRP futures volume increase beyond 7,000 percent, reaching approximately $49 million.
Glassnode’s March 8 report revealed that approximately 60% of XRP’s circulating supply currently trades below the original acquisition price. The analytics firm determined that 36.8 billion XRP tokens trade below their on-chain cost basis. Total unrealized losses reached approximately $50.8 billion while XRP maintains a price around $1.34.
On-Chain Analysis Reveals Significant Unrealized Losses for XRP Investors
According to Glassnode’s report, 36.8 billion XRP tokens currently sit underwater when measured against on-chain pricing metrics. This volume accounts for approximately 60% of the total circulating supply. The firm’s calculations place unrealized losses at roughly $50.8 billion in U.S. dollar value. This metric evaluates the difference between current market prices and the prices recorded when tokens last transferred between addresses. Market analysts rely on such data to gauge investor sentiment throughout different market phases.
The token currently trades around $1.34, marking a decrease exceeding 63% from the $3.65 all-time high reached in July 2025. Weekly performance shows a 0.5% decline, while monthly figures reveal a 7.1% drop. Annual performance demonstrates a decrease surpassing 42%. Recent attempts at recovery faltered around $1.45 during a period marked by ETF capital withdrawals. U.S.-based XRP exchange-traded funds experienced $16.62 million in net outflows on March 6.
Investors and analysts monitor unrealized losses closely due to their potential impact on market behavior. Token holders frequently liquidate positions when prices approach their original purchase levels. This substantial portion of underwater supply could significantly influence price movements going forward. Glassnode’s methodology tracks on-chain token movements rather than exchange wallet balances. The calculations depend on transaction history recorded across the blockchain network.
Derivatives Markets Experience Surge While Spot Trading Remains Subdued
Data from CoinGlass shows BitMEX experienced an XRP futures volume increase exceeding 7,000%, bringing total volume to roughly $49 million. This dramatic surge suggests traders are increasing leverage positions while awaiting clearer directional signals. Binance processed approximately $733 million in XRP futures volume over a 24-hour period. OKX and Bybit similarly reported substantial derivatives activity during this timeframe. These metrics demonstrate heightened trading interest across leading platforms.
Meanwhile, certain spot market metrics suggest diminished activity levels. Arab Chain, an analytics account, highlighted Binance’s 30-day volume Z-Score standing near −1.16. This measurement indicates daily spot volume trades below recent historical averages. The disparity between surging futures activity and subdued spot volume reveals divergent trader behavior patterns. Exchange platforms continue publishing real-time volume metrics as market conditions develop.
Discussions on X platform display varied perspectives regarding XRP’s potential trajectory. EGRAG Crypto observed that XRP market cycles typically feature significant declines followed by prolonged consolidation periods. This analyst characterized the present phase as “time-based capitulation.” He noted that investor sentiment frequently resets during extended sideways price action. Additional analysts have suggested a potential movement toward $0.90 should the current downward channel continue.
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