XRP’s price has fallen nearly 28% since the start of the year, extending losses after the token closed 2025 down 11.6%. The prolonged weakness has pushed a significant portion of its supply into loss territory.
This reflects mounting stress across the XRP ecosystem as the asset continues its downward trajectory. Despite the downturn, the market’s largest holders appear to be increasing their exposure.
Over Half of XRP’s Circulating Supply Now Underwater as Trading Activity Weakens
According to Glassnode data, roughly 36.8 billion XRP are currently held at a loss. This is equivalent to approximately $50.8 billion in unrealized losses.
Furthermore, CoinGecko data showed that XRP’s circulating supply stands at about 61.2 billion tokens, meaning nearly 60% of it is now in the red.
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The on-chain backdrop also suggests weakening market activity. Analyst Arab Chain observed that the 30-day XRP Volume Z-Score on Binance has dropped to approximately -1.16. This indicates that the trading activity is “lower than its historical average over the reference period.”
A negative Z-score indicates reduced trading momentum, suggesting the market may be experiencing a temporary slowdown or a phase where traders are repositioning.
“Structurally, a decline in the index suggests that the liquidity flowing into the market is lower than usual, which may reflect a decrease in short-term speculative activity or a tendency among investors to hold their positions rather than engage in intensive trading. Such periods often precede larger price movements, as market activity gradually declines before liquidity returns to the market more forcefully,” the analyst added.
BeInCrypto also reported that XRP liquidity on Binance has declined, a development that could amplify price moves in either direction if large capital flows arrive. Thinner order books mean that significant buy or sell orders carry more weight, leaving the market more exposed to volatility from outsized transactions.
The combination of compressed volume and declining liquidity creates a difficult environment for holders. Prices become harder to exit without slippage, and the cost of moving large positions rises, factors that weigh especially hard on those already sitting on losses.
A recent report from BeInCrypto highlighted that the 1-month to 3-month XRP holder cohort recently recorded its largest increase in supply share in over four months. Rather than exiting, many recent buyers appear to be extending their holding periods as they wait for a recovery or better exit opportunities.
Whales Move Against the Tide
Against that backdrop, the market’s largest wallets are behaving differently. Data from Santiment shows that whale wallets holding between 1 million and 10 million XRP, as well as those holding 10 million to 100 million XRP, have been accumulating the token in March.
The first cohort’s holdings rose from 3.79 billion XRP on March 5 to 3.82 billion XRP at press time. This suggests that these holders added roughly 30 million XRP, worth about $40.5 million at the current market prices.
At the same time, the second group’s holdings rose from 10.87 billion XRP to 11.05 billion XRP. This translates to roughly 180 million XRP acquired, a position valued at close to $243 million.
This divergence between retail stress and whale positioning may indicate that some market participants may view lower prices as an opportunity to accumulate, although the broader trend remains weak in the near term.
Data from BeInCrypto Markets showed that the altcoin has dipped 8.5% over the past month. At the time of writing, XRP traded at $1.35, up 0.21% over the past 24 hours.
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The post XRP Holders Face $50 Billion in Unrealized Losses: What Whales Are Doing Now appeared first on BeInCrypto.
