XRP is under new pressure as the broader market downturn pushes XRP’s profitability metrics back to levels last seen during Donald Trump’s re-election in November 2024.
According to Glassnode data, only 58.5% of XRP’s circulating supply is currently profitable. This is the lowest price since late November 2024, when the token was hovering around $0.53.
Even at the current price of approximately $2.15, approximately 41.5% of all XRP in circulation (equivalent to approximately 26.5 billion tokens) is a realized loss.
The company said the imbalance reflects how much of this year’s trading volume has been concentrated near higher price points. This concentration weakened momentum and put late buyers at risk.
According to crypto slate According to the data, XRP is down 12% over the past six months and is trading 40% below its July cycle peak of $3.65.
Why is XRP struggling?
Notably, derivatives trading has reinforced that cautious sentiment.
Open interest in XRP futures has plummeted to about $3.8 billion, down from about $10 billion earlier this year, according to data from CoinGlass.
Open interest tracks the value of active futures contracts. As a result, lower levels usually indicate weaker speculative demand and traders pulling back from directional bets.
This explains why XRP price growth has stalled significantly since the post-election surge. In fact, XRP has been trading mainly sideways in a narrow range around $2.10, disappointing traders who were hoping for follow-through above that level.
Separately, the price of XRP has suffered significantly as long-term holders of XRP have increased profit-taking.
Glassnode noted that investors who piled up XRP below $1 ahead of a late 2024 trade are now unwinding their positions at a ferocious pace.
The company said benefit realization activity for this cohort has increased 240% since September, from about $65 million to nearly $220 million per day.
strong fundamentals
Despite the short-term weakness, the token’s underlying fundamentals remain intact.
Earlier this year, Ripple resolved a multi-year dispute with the US Securities and Exchange Commission (SEC) with a settlement that received several favorable rulings.
At the same time, Ripple’s recent $500 million raise, strategic acquisitions of Palisade and Hidden Roads, and several partnerships strengthen the company’s product suite and expand its global presence.
Market analysts see these developments as supporting the long-term positioning of the asset as it creates a token-dependent ecosystem.
Additionally, institutional interest in digital assets continues to grow.
Several spot XRP ETFs were launched in November 2025, including products from Franklin Templeton, Bitwise, 21Shares, and CoinShares. Canary Capital’s XRPC ETF in particular has already attracted nearly $278 million in early inflows, according to SoSoValue data.
At the same time, blockchain analytics platform Santiment noted that XRP remains a major topic across social platforms, with discussions focusing on ETF launches, market volatility, and the token’s positioning compared to Bitcoin, Ethereum, Solana, and Cardano.
Additionally, the company warned that recent retail sales are evidence of an impending price rebound.
It noted that since early November, wallets with less than 100 XRP have sold 1.38% of their balances. Retail downturns often precede recoveries, and analysts are watching this trend as a potential sign of recovery.
