TL;DR
- Glassnode data shows about 60% of XRP’s circulating supply is underwater, meaning most tokens are now currently held below their acquisition price right now.
- The report says roughly 36.8 billion XRP are sitting in unrealized loss territory, pointing to pressure across a broad base of holders.
- In dollar terms, those underwater positions amount to about $50.8 billion in paper losses, highlighting the overall scale of damage embedded in the network.
Glassnode data has cast a light on XRP’s investor base, with most holders now underwater as market weakness pushes a majority of circulating supply into loss. According to the figures highlighted in the report, roughly 60% of XRP’s circulating supply is now held below its acquisition price. That amounts to about 36.8 billion tokens sitting in unrealized loss territory, a measure of how deeply the token’s reversal has affected positioning. In dollar terms, those underwater holdings represent approximately $50.8 billion in unrealized losses across the network, underscoring the scale of paper damage embedded in XRP.
At current levels, ~36.8B XRPs are in loss. Denominated in USD, the unrealized loss is now $50.8B.
📉 https://t.co/oemb6IKnkt https://t.co/yTsIXWPFV4 pic.twitter.com/OJtVLCSggL— glassnode (@glassnode) March 8, 2026
Underwater supply becomes the market’s defining signal
Behind the headline, the imbalance sits in the circulating supply itself. When 60% of tokens are underwater, the story is not just about price action in isolation, but about how much of the network is trapped below cost. The report frames that stress through the size of the affected pool: 36.8 billion XRP. That figure gives the downturn a broader market texture, suggesting losses are not limited to a narrow slice of participants. Instead, the data points to widespread pressure across holders whose positions remain in the red as XRP trades beneath earlier entry levels.
Just as striking is the weight of the paper losses. The unrealized deficit tied to those underwater holdings stands at about $50.8 billion, turning a token-level setback into a much larger problem for holders. Because the losses are unrealized, the figure reflects pain that exists on paper rather than confirmed exits, yet the scale matters. It captures the gap between where a portion of XRP was acquired and where it now changes hands. The data shows how far the market has moved against a majority of supply without requiring those holders to sell first.
Taken together, the Glassnode snapshot redraws the mood around XRP holders. Rather than showing isolated weakness, the numbers describe a market where a majority of circulating supply is sitting below purchase price and where unrealized losses have swollen to tens of billions of dollars. The combination of 60% underwater supply, 36.8 billion tokens in loss, and roughly $50.8 billion in paper deficits makes the situation hard to dismiss as a minor drawdown. It is a broad balance-sheet strain, and the data leaves little doubt that many XRP investors are positioned deep in the red.
