XRP is bleeding with over $50 billion in unrealized losses as 60% of supply goes underwater

XRP is facing significant pressure, down 26% this year, largely due to a substantial portion of its supply being held at a loss. On-chain data indicates that about 36.8 billion XRP, representing roughly 60% of the circulating supply, has an unrealized loss of about $50.8 billion. This large underwater base creates selling pressure during rallies as holders seek to exit near breakeven, especially since the realized price (aggregate cost basis) sits around $1.44, above the current spot price of $1.35. The macro environment, marked by rising oil prices, has also prompted a defensive stance across risk assets. Furthermore, institutional interest is cooling, evidenced by recent outflows from XRP ETFs and investment products. Derivatives data shows declining open interest, suggesting reduced leverage, and the taker buy-sell ratio indicates aggressive selling dominates buying. Finally, thin exchange activity and lower wallet participation suggest the market structure is fragile, making it sensitive to abrupt price moves despite a seemingly stable chart.

(Source：CryptoSlate)