Nearly 48% of XRP holders are currently in an unrealized loss position, according to on-chain data cited by analyst Steph Is Crypto, marking a level of underwater profitability that mirrors conditions seen prior to XRP’s major rally in late 2024.
Using data from blockchain analytics firm Glassnode, analyst said only about 52% of XRP’s circulating supply — approximately 60.57 billion tokens — is currently in profit, with the remainder purchased above the current price. The profitability share has steadily declined in recent weeks as broader crypto markets weaken.
“We’re now back at profitability percentages last seen in November 2024,” the analyst said, referencing data showing similar metrics before historic upside during that period.
48% of XRP Supply Sits Below Cost Basis
The share of holders in profit is an important metric because it often influences investor psychology. When a significant portion of holders is underwater, some analysts argue that selling pressure can increase as investors become more sensitive to downside risk.
Analyst noted that in November 2024, profit levels dipped to around 45% while XRP traded near $0.50. Shortly afterward, a market rebound coincided with broader macro shifts and the rally that followed the U.S. election cycle, lifting profitability nearly to 100% as XRP’s price climbed close to $3. This historical pattern has led some traders to watch current profitability metrics more closely.
However, the analyst cautioned that the events driving the 2024 rebound — including broad macro optimism and political factors tied to regulatory expectations — may not repeat on the same timeline or under the same conditions.
XRP has spent much of recent trading below the $2 mark, struggling to reclaim that level amid a broader crypto market downturn that has weighed on risk assets across the board. At press time, the token was changing hands around $1.86, continuing its muted performance relative to earlier in the year.
The decline in profitability coincides with reduced futures open interest in XRP and lower funding rates, signals that derivatives traders have become more cautious. Lower sentiment levels and stressed risk appetite have compounded pressure on short-term price action.
Notable Differences From Last Rally
In late 2024, when XRP’s profitability share last approached similar lows, a confluence of factors helped fuel a rapid recovery — including an anticipated regulatory shift and broader market rotation. Analysts then linked XRP’s rebound to speculative positioning ahead of perceived legal clarity and macro shifts, which critics at the time dismissed as overly optimistic.
The subsequent rally that took XRP to nearly $3.65 in July 2025 is often cited by long-term holders as a classic example of a deep profitability trough followed by outsized gains.
While today’s profitability profile may appear similar to late 2024, the market environment has changed. The 2024 upside was significantly supported by political drivers — particularly the post-election rally that followed the U.S. presidential election, an event many traders viewed as favorable for crypto regulation.
Today, that catalyst is absent. Instead, investors are focusing on regulatory progress, such as ongoing developments around the proposed CLARITY Act, and growing interest in XRP exchange-traded funds — both of which market participants hope could eventually drive broader adoption.
