TL;DR:
- Glassnode data shows XRP’s realized profit and loss ratio has fallen to 0.38, signaling heavier realized losses than profits.
- About 41.5% of XRP’s circulating supply, or 26.5 billion coins, is now underwater, creating potential selling pressure on rebounds.
- XRP Ledger average daily fees fell from 5,900 XRP in February 2025 to 500 XRP, suggesting weak organic demand after the speculative boom cooled and leaving rallies difficult to sustain.
Glassnode’s latest on-chain reading offers a cold answer to XRP holders waiting for a fast rebound: the network still lacks the demand needed to support one. After the speculative surge of 2025, XRP Ledger activity has faded while realized losses dominate market behavior. The uncomfortable signal is that price weakness is being matched by weak network use, not simply by temporary trader fear.
The 90D-SMA of XRP's Realized Profit to Loss Ratio has fallen to 0.38. For every dollar of loss being realized in the market, only 38 cents of profit is being taken.
At the 2025 peak, this ratio reached 50, meaning profit-takers were overwhelming loss-sellers by a factor of 50x.… https://t.co/YvCyY5yifo pic.twitter.com/riPTkbdqfl— glassnode (@glassnode) June 9, 2026
Fee collapse points to a missing demand engine
The clearest stress marker is Glassnode’s realized profit and loss ratio, measured on a 90-day simple moving average. That figure has fallen to 0.38, meaning the market is realizing only $0.38 in profits for every $1 in losses. Last year, when XRP was setting multi-year price records, profit-taking exceeded loss-making sales by 50 times. The reversal shows how far sentiment has flipped, with recent market activity now driven by holders closing underwater positions rather than buyers chasing momentum.
That pressure has spread across supply. About 41.5% of XRP’s circulating supply, or 26.5 billion coins, is now underwater, while the share of profitable addresses has narrowed to 58.5%. This creates a heavy overhang above the current market: if price bounces, many holders may sell simply to reduce losses or exit near breakeven. Every rally now risks meeting trapped supply, which can mute upside before a larger trend has time to form.
The network side looks even more troubling. Average daily fees paid on XRP Ledger, measured by the same 90-day average, have fallen from 5,900 XRP in February 2025 to only 500 XRP today. Glassnode framed that 91.5% collapse not as a fee-efficiency improvement, but as evidence of a large-scale user exodus after speculative hype cooled. No major rally has much fuel without organic activity, and that is the core problem for XRP bulls now. The asset may still see short-term rebounds, especially after sharp drawdowns, but a durable rally would need more than oversold conditions. It would require renewed users, stronger fee demand and fewer loss-making holders waiting to sell into strength. Until those metrics improve, a quick trend reversal looks hard to justify. For now, Glassnode’s numbers describe patience, not panic, and not a confirmed launchpad for next week’s upside.
