Ripple’s XRP token faces a surge in unrealized losses, reaching approximately $50.8 billion, following a steep decline from its July 2025 peak. Data shows nearly 36.8 billion XRP is now held at a loss as the price falls below the average holder cost. Concurrently, retail investors are increasingly selling at a loss, indicated by a drop in the Spent Output Profit Ratio, while larger wallets appear to be accumulating the supply being shed.
Unrealized losses across Ripple‘s XRP expanded sharply after the market reversed from its July 2025 peak near $3.65. Many investors accumulated positions between $2.50 and $3.50 during that rally, forming a dense cost basis zone.
Momentum weakened as prices gradually declined toward $1.35, pushing a large portion of those buyers underwater. According to data from Glassnode, roughly 36.8 billion XRP is now held at a loss, equivalent to about $50.8 billion in unrealized loss. This shift reflects how late-cycle buyers absorbed the majority of the drawdown as bullish sentiment faded.
The Spent Output Profit Ratio (SOPR) hovered above 1.1 initially, reflecting profit-taking by early buyers. However, the ratio then slipped beneath the 1.0 break-even line, falling to roughly 0.96, which signals many transfers now occur at a loss.
This pattern highlights a market phase where loss realization dominates transaction flow. It reveals retail participants are actively exiting rather than passively holding underwater positions.
While smaller holders increasingly realize losses, larger XRP wallets appear to take the opposite side of the trade. Exchanges recorded 7.03 billion XRP in net outflows, the largest since November 2025. At the same time, wallets holding over 100,000 XRP gradually expanded their share of circulating supply before later declining in 2026.
Derivatives positioning still reflects caution, with Open Interest near $2.3 billion and Funding Rates slightly negative. Liquidations totaled $3.77 million in 24 hours, with longs absorbing most losses. Taken together, retail appears to supply liquidity while larger holders gradually absorb it.
