A new analysis from Glassnode paints a grim picture for XRP holders, suggesting a quick price recovery is unlikely. The blockchain analytics firm examined on-chain data for June 2026 and found the XRP Ledger is struggling after the speculative surge of 2025.
Key metrics show market distress
Analysts point to a worrying combination: organic demand on the network has nearly vanished, and the market appears to be in a capitulation phase. The realized profit and loss indicator (90D-SMA) has dropped to 0.38. This means for every dollar of losses realized by sellers, only 38 cents of profits are being taken. It’s a stark reversal from last year when profit-taking exceeded loss-making sales by 50 times.
Currently, about 41.5% of XRP’s total circulating supply, or roughly 26.5 billion coins, is now considered “underwater.” The share of profitable addresses has shrunk to 58.5%. Most traders moving coins right now entered late and are closing positions at a loss.
Network activity hits a floor
The fundamental support for XRP is also eroding. The average daily volume of fees paid (90D-SMA) fell from 5,900 XRP in February 2025 to just 500 XRP today. That is a 91.5% decline. Glassnode argues this is not a technical fee reduction but a sign of a large-scale user exodus after speculative hype faded.
XRP holders find themselves in a difficult position. The price is capped by a large overhang of loss-making positions ready to sell during any rebound. Meanwhile, there is very little network activity to drive prices higher. Under these conditions, relying on a quick trend reversal contradicts the hard data from the blockchain.
