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As $XRP struggles to regain momentum, fresh on-chain data shows that most holders are now sitting on significant losses.
The asset is trading around $1.31, down 2.14% on the day. This extends a broader decline that has seen it fall by more than 60% from its July 2025 peak of $3.66.
Recent insights from Santiment reveal that the average $XRP wallet active over the past year is down roughly 41% on its holdings. This has pushed the MVRV (Market Value to Realized Value) ratio to its lowest level since the FTX collapse, a period widely associated with extreme market stress and forced capitulation.
Key Points
- $XRP holders face average losses of 41% as MVRV drops to levels last seen during the FTX market collapse.
- More than half of $XRP’s supply is underwater, with daily realized losses reaching up to $110 million.
- Persistent selling pressure has kept $XRP from recovering, with only 43.4% of supply still in profit.
- Historically, such deep losses signal a potential bottom, with data pointing to a possible 63% upside ahead.
Deep Losses for $XRP Holders
The MVRV metric measures whether traders are in profit or loss, and current levels suggest that $XRP investors are deep in negative territory. According to Santiment’s analysis, this goes beyond a simple price drop; it reflects actual realized losses among market participants.
Historically, such deeply negative returns point to what traders describe as a “blood in the streets” phase, when selling pressure begins to run out. Glassnode noted that in zero-sum markets like crypto, this environment tends to reduce downside risk, as a large portion of weaker hands have already exited their positions.
Glassnode Data Confirms Persistent Selling Pressure
Supporting this trend, data from Glassnode shows that more than half of $XRP’s circulating supply is currently underwater.
Investors who bought above $2 over the past year have been consistently realizing losses. Specifically, daily realized losses have ranged between $20 million and $110 million since November 2025.
According to Glassnode, only 43.4% of $XRP supply remains in profit, marking the lowest level since July 2024. This reflects sustained selling pressure, as holders continue to exit positions at a loss, contributing to $XRP’s inability to stage a strong recovery.
Opportunity Zone in Play
Meanwhile, the combination of falling MVRV and declining supply in profit suggests a market reset. While short-term sentiment remains weak, these conditions have historically aligned with late-stage corrections, where long-term investors begin to accumulate.
Notably, Santiment data confirms $XRP is now in an “opportunity zone,” which typically occurs when the MVRV ratio falls to around -30%. With the one-year MVRV at -41%, history suggests a potential 63% upside opportunity in the coming months.
Specifically, Santiment noted that the last time $XRP’s MVRV ratio reached -41% was in December 2022, which preceded a 63% gain over 4.5 months. If history repeats, today’s $XRP dip buyers could become significantly profitable by August. However, this remains uncertain.
Ultimately, $XRP’s price remains under pressure, but the data points to a potentially promising setup.
As losses mount and weaker participants exit, the market may be quietly forming a more stable base that could eventually support a recovery when broader conditions improve.