What It Means for Ripple

Data indicates that a significant portion of XRP holders remain under pressure, while transaction demand continues to sit well below previous cycle highs.

On-chain analytics firm Glassnode has reported a sharp deterioration in key XRP network metrics, pointing to weakening activity and mounting pressure on holders. Recent data shows both transaction demand and realized profitability have fallen significantly despite the token trading well above its 2024 levels.

The decline in holder profitability is particularly evident in Glassnode’s latest realized profit-and-loss data. According to the firm, the 90-day simple moving average of XRP’s Realized Profit-to-Loss Ratio has dropped to 0.38. This indicates that market participants are realizing only 38 cents in profits for every dollar of losses recorded on-chain.

Profitability Ratio Signals Deep Stress

The profitability metric remains well below the breakeven level of 1.0, a threshold that separates net profit-taking from net loss realization. During strong bull market phases, the ratio often rises far above 20 or even 50 as profitable selling dominates network activity.

The latest reading suggests a very different market environment, with loss-taking outweighing profit-taking by a wide margin. The analytics firm noted that such low levels are commonly associated with capitulation periods. In these phases, a large share of transacted coins belong to holders exiting positions at a loss.

Signs of weakness are also emerging in broader network activity. Glassnode reported that the 90-day simple moving average of total transaction fees on the XRP Ledger has fallen significantly. It dropped from 5,900 XRP in February 2025 to approximately 500 XRP today, a decline of more than 91% over the period.

Ecosystem Under Persistent Pressure

The recent figures reinforce concerns highlighted by Glassnode in late 2025 regarding the condition of XRP holders. In November of that year, the firm reported that only 58.5% of the circulating supply remained in profit.

Those concerns were reflected in earlier market conditions. That figure marked the lowest percentage recorded since November 2024, when XRP traded near $0.53. At the time, roughly 41.5% of the supply, equivalent to about 26.5 billion XRP, was held at a loss despite the token trading around $2.15.