New on-chain data suggests that many XRP investors remain under significant pressure, while transaction activity continues to trail far behind the highs seen in previous market cycles.
Blockchain analytics firm Glassnode has highlighted a notable decline in several key XRP network indicators, signaling weakening ecosystem activity and increasing strain on holders. Despite XRP still trading well above its 2024 price levels, both transaction demand and investor profitability have deteriorated considerably.
One of the clearest signs of this shift appears in Glassnode’s latest realized profit-and-loss metrics. The firm’s data shows that the 90-day simple moving average of XRP’s Realized Profit-to-Loss Ratio has fallen to 0.38. In practical terms, this means investors are realizing just 38 cents in profit for every dollar lost through on-chain transactions.
Profitability Metrics Reflect Growing Market Stress
The ratio remains well below the critical breakeven level of 1.0, which distinguishes periods of net profit-taking from phases dominated by losses. During strong bullish conditions, this metric can surge above 20 or even 50 as investors lock in substantial gains.
The current reading paints a starkly different picture. Loss realization is significantly outweighing profit-taking, a pattern Glassnode says is often associated with capitulation. Such periods typically occur when a large number of investors exit their positions at a loss, reflecting heightened market stress and weakened confidence.
At the same time, broader network activity has continued to slow. According to Glassnode, the 90-day simple moving average of total transaction fees paid on the XRP Ledger has collapsed from approximately 5,900 XRP in February 2025 to around 500 XRP today. This represents a decline of more than 91%, pointing to a sharp reduction in network usage and demand.
XRP Ecosystem Faces Continued Pressure
These latest figures reinforce concerns Glassnode raised in late 2025 regarding the financial health of XRP holders. In November of that year, the firm reported that only 58.5% of XRP’s circulating supply remained in profit.
The data echoed conditions seen during earlier periods of market weakness. It marked the lowest share of profitable supply since November 2024, when XRP traded near $0.53. Even with the token later changing hands around $2.15, roughly 41.5% of the circulating supply—equivalent to about 26.5 billion XRP—was still being held at a loss.
Taken together, the sharp decline in profitability and the slowdown in network activity suggest that the XRP ecosystem remains under considerable strain. The data indicates that a substantial number of holders are still underwater, while transaction demand continues to lag well below the peaks recorded in previous market cycles.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
