XRP Holds Key Support as Traders Sit on $50.8B Unrealized Loss
- XRP holds the $1.34-$1.27 support zone even as $50.8 billion in unrealized losses weigh.
- Glassnode data shows 36.8 billion XRP are underwater as on-chain profitability keeps fading.
- U.S. spot XRP ETFs logged $22 million in outflows in two days as near-term demand softened.
XRP price is clinging to a support band that traders have watched for weeks, even as pressure across the market keeps building. The token was trading near $1.34 at the time of writing, down 1.41% over the past 24 hours, while several other top-10 cryptocurrencies posted modest gains in the same window.
Source: TradingView
That divergence has put fresh focus on a price zone between $1.34 and $1.27, which has held in place since February and, so far, stopped the decline from deepening. The backdrop, however, is not especially forgiving. Broader crypto market sentiment remains in the extreme fear range, and the total market cap slipped another 0.11% on the day.
Source: CoinMarketCap
Against that setting, on-chain data suggests a large share of XRP holders are now sitting below their entry price. That matters less as a headline than as a measure of strain. When losses spread across a network, even routine price moves can start to feel heavier.
Losses Spread Across the Supply
According to Glassnode, about 36.8 billion XRP are currently being held at a loss. At prevailing prices, that works out to roughly $50.8 billion in unrealized losses. It is a large figure, but the more telling point may be what sits behind it: the market has slipped below the level where much of the circulating supply last changed hands.
Glassnode further added that the token recently lost its aggregate holder cost basis, a line often used to gauge whether the average coin in circulation is sitting in profit or underwater. Once the price falls below that level, the balance of the market shifts.
More holders begin to carry losses, and confidence can thin out quickly, particularly when the broader tape is already weak. However, that does not automatically translate into forced selling, but it changes the tone. Traders tend to become more defensive when recoveries fail to push them back into profit.
Profitability Metrics Have Softened
A second on-chain measure points in the same direction. Glassnode’s reading of Spent Output Profit Ratio, or SOPR, shows that realized profitability has deteriorated over time. Its 7-day exponential moving average fell from 1.16 in July 2025 to about 0.96 now.
In simple terms, readings below one tend to show that coins moving on-chain are being sold for less than their prior cost basis. It is not a perfect measure of sentiment, but it does offer a window into how stressed holders may be. Here, the signal is fairly clear: profits have faded, and loss realization has picked up.
Glassnode also noted a resemblance to the stretch between September 2021 and May 2022, when the same metric stayed below one for an extended period. That episode did not produce an immediate rebound. Instead, it gave way to a longer period of consolidation before conditions stabilized.
ETF Flows Add Another Layer
Similarly, spot ETF flows have not offered much relief either. Data from SoSoValue showed $22.77 million in outflows from U.S. spot XRP ETFs over two days leading into this period. The numbers are small next to the asset’s total market value, but they still point to softer demand from a part of the market that traders watch closely.
Source: SoSoValue
Taken together, the picture is fairly straightforward. Price is still holding a closely watched floor, but buying conviction remains limited while a large share of supply sits at a loss.
Related: Why Monero (XMR) Price Is Down Today: Key Drivers Explained
Key Levels Traders Are Watching
For now, attention stays fixed on $1.34. If that area gives way, traders are likely to look toward the $1.21 to $1.12 region next. On the upside, a more durable recovery would require a move above $1.42, which lines up with short-term moving averages and the 23.6% Fibonacci retracement level cited by market watchers.
The immediate setup remains fragile rather than broken. Support is still intact. But with underwater supply elevated, ETF flows negative, and broader risk appetite unsettled ahead of the March 12 U.S. CPI report, the market is left balancing on a narrow ledge.
