XRP Network Activity Declines Sharply, Signaling Holder Pressure
On-chain analytics firm Glassnode has reported a significant downturn in key metrics for the XRP network, indicating a weakening of activity and mounting pressure on token holders. Recent data reveals a substantial drop in both transaction demand and realized profitability, even as XRP trades well above its 2024 price levels.
The decline in holder profitability is particularly stark when examining Glassnode’s latest realized profit-and-loss data. The firm’s analysis shows that the 90-day simple moving average of XRP’s Realized Profit-to-Loss Ratio has fallen to 0.38. This suggests that for every dollar lost by market participants on-chain, only 38 cents in profit are being realized.
This profitability metric remains considerably below the breakeven level of 1.0, which serves as the dividing line between net profit-taking and net loss realization. During periods of strong bull market performance, this ratio typically surges well beyond 20 or even 50, as profitable sales dominate network activity.
The current reading points to a vastly different market environment, where the realization of losses significantly outweighs the realization of profits. Glassnode observed that such low levels are often associated with capitulation periods, characterized by a large proportion of transacted coins belonging to holders exiting their positions at a loss.
Broader network activity also shows signs of weakness. Glassnode reported a substantial decrease in the 90-day simple moving average of total transaction fees on the XRP Ledger. This figure has plummeted from 5,900 XRP in February 2025 to approximately 500 XRP today, representing a decline of over 91% during that timeframe.
These recent figures echo concerns previously raised by Glassnode in late 2025 regarding the financial standing of XRP holders. In November of that year, the firm noted that only 58.5% of the circulating supply was in profit.
These concerns were also evident in earlier market conditions. That percentage marked the lowest point recorded since November 2024, when XRP was trading around $0.53. At that time, approximately 41.5% of the supply, equivalent to about 26.5 billion XRP, was held at a loss, despite the token trading near $2.15.
Collectively, the declining profitability metrics and reduced network activity suggest persistent stress within the XRP ecosystem. The data indicates that a significant portion of holders remain under pressure, while transaction demand continues to fall well short of previous cycle highs.
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