XRP Flips Into A Tougher Phase As 36.8 billion Tokens Fall Into Loss

XRP plunges a large portion of its holders into the red. The latest on-chain reading shows that a considerable amount of tokens has now fallen below its purchase price, bringing unrealized losses to 50.8 billion dollars. This shift reveals the extent of the asset’s reversal and raises concerns about the market’s strength.

36.8 billion XRP held at a loss

According to Glassnode data, the XRP market faces a marked rise in unrealized losses, while whales continue to accumulate. About 36.8 billion XRP are currently held at a loss, equivalent to “50.8 billion dollars in unrealized losses in the XRP ecosystem”. A massive portion of the supply has now fallen below its acquisition price, as the market emerges from a particularly violent bullish sequence.

In 2025, XRP crossed the thresholds of 1 dollar, then 2 dollars, before surpassing 3 dollars, which almost erased the zone of unrealized losses on the network. It should be noted that at that time, almost all XRP in circulation showed unrealized gains. The pullback that followed reversed this dynamic. Thus, the portion of supply at a loss began to rise again.

• About 36.8 billion XRP are currently held at a loss ;
• These unrealized losses are estimated at 50.8 billion dollars within the XRP ecosystem ;
• The volume of XRP held at a loss has significantly increased, reaching the current level of 36.8 billion XRP ;
• At the peak of the 2025 rise, “almost all XRP in circulation were then in latent profit”, demonstrating the extent of the reversal from the highs.

A market under strain, between selling pressure and capitulation risk

The second reading is no longer accounting-related but becomes psychological. Currently, recent buyers have been trapped after the fall. This surge in unprofitable supply approaches the “maximum pain zone” previously observed during past bear markets.

In the same vein, Glassnode estimates that “XRP has broken the aggregated average cost basis 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 has suffered heavy selling pressure, breaking several psychological supports with few rebounds. Will these holders wait for a broader reversal or end up selling under emotional constraint? 36.8 billion XRP at a loss represent just over 60 % of the circulating supply.

Under the pressure of unrealized losses, the XRP price enters a decisive zone. The market will now have to show whether it can absorb this degradation without succumbing to a new wave of sales. At this stage, the entire challenge lies in the buyers’ ability to hold their positions.