60% of XRP’s circulating supply is now underwater

Data from Glassnode shows that most XRP holders are under water, with 36.8 billion tokens in a position of losses amounting to around $50.8 billion.

On-chain analytics firm Glassnode reported on March 8 that about 36.8 billion XRP, which is about 60% of the circulating supply, is currently held at a loss, with a total unrealized loss in USD of about $50.8 billion.

This figure shows the extent of the asset’s recent decline, as it is trading near $1.34, down more than 63% from its July 2025 all-time high of $3.65.

The data shows a large unrealized loss across the XRP supply

The unrealized profit and loss metric measures the difference between the current market price and the price at which tokens were last traded on the chain. This method weights each coin based on its purchase price, rather than simply counting how many tokens are above or below the market price. Analysts often use this indicator to gauge investor sentiment at different stages of market cycles.

XRP has been struggling for a while, down 0.5% over the past week, 7.1% over the month, and over 42% over the past year. The persistent weakness has left most traders facing paper losses of $50.8 billion, creating an environment where selling pressure could arise if prices recover to individual bases.

Earlier attempts to recover ground near $1.45 were halted, and the rejection came during a week in which US XRP ETFs posted outflows, including $16.62 million in output on March 6, the largest daily outflow since late January.

While analysts debate the market cycle, derivatives activity is increasing

Despite heavy unrealized losses across the supply chain, derivatives trading activity picked up on several exchanges. According to CoinGlass, the volume of XRP futures on BitMEX increased by more than 7,000% to almost $49 million, allowing traders to increase leverage while waiting for clearer price direction.

Meanwhile, Binance recorded around $733 million in XRP futures volume over the past 24 hours, with other platforms such as Bybit and OKX also reporting large turnover. At the moment, some indicators point to a slowdown in spot trading activity. Data shared by the Arab Chain analyst account showed Binance’s 30-day Z-Score volume near −1.16, which means the daily trading volume is currently lower than its recent average.

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However, the market interpretation of X reflects mixed opinions about the next move, and XRP permabull EGRAG Crypto writes that asset cycles often include both price declines and extended periods of consolidation before starting a new phase of expansion. In the same thread, the analyst suggested that the current structure may indicate a period of “give-up time” in which sentiment will reset during long-term trading.

Other forecasts remain cautious, with some analysts arguing that XRP could revisit the sub-$1 level, with one forecast pointing to a potential support zone near $0.90 if the downward channel continues through mid-2025.