Glassnode reported on March 8 that nearly 60% of XRP’s circulating supply sits at a loss. The firm estimated that 36.8 billion XRP currently trade below their on-chain cost basis. It calculated total unrealized losses at about $50.8 billion as XRP changes hands near $1.34.
Glassnode stated that 36.8 billion XRP remain underwater based on on-chain pricing data. The firm said this amount represents close to 60% of the circulating supply. It calculated unrealized losses at roughly $50.8 billion in U.S. dollar terms. The metric compares the current market price with the price when tokens last moved. Analysts use this data to track sentiment across market cycles.
At current levels, ~36.8B XRPs are in loss. Denominated in USD, the unrealized loss is now $50.8B.
https://t.co/oemb6IKnkt https://t.co/yTsIXWPFV4 pic.twitter.com/OJtVLCSggL
— glassnode (@glassnode) March 8, 2026
XRP trades near $1.34, which places it over 63% below its $3.65 peak from July 2025. The token declined 0.5% during the past week and 7.1% over the past month. It also dropped more than 42% during the past year. Earlier recovery attempts stalled near $1.45 during a week of ETF outflows. U.S. XRP exchange-traded funds recorded $16.62 million in net withdrawals on March 6.
Market participants track these unrealized losses because they can influence selling behavior. Traders often sell when prices approach their individual cost bases. Therefore, the large share of underwater supply may shape future price reactions. Glassnode’s data reflects on-chain movements rather than exchange balances. The figures rely on token transfer history across the network.
CoinGlass reported that XRP futures volume on BitMEX jumped more than 7,000% to around $49 million. The spike indicates increased leverage as traders await clearer price direction. Binance recorded about $733 million in XRP futures volume within 24 hours. Bybit and OKX also posted high derivatives turnover during the same period. These figures show elevated activity across major trading venues.
At the same time, some spot market indicators point to slower activity. Analytics account Arab Chain shared Binance’s 30-day volume Z-Score near −1.16. This reading means daily spot volume sits below its recent average. The contrast between futures growth and spot weakness highlights diverging trading behavior. Exchanges continue to publish updated volume data as conditions evolve.
Market commentary on X reflects mixed expectations for XRP’s next move. EGRAG Crypto wrote that XRP cycles include declines and long consolidation phases. The analyst described the current phase as “time-based capitulation.” He stated that sentiment often resets during extended sideways trading. Other analysts projected a possible move toward $0.90 if the downward channel persists.
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