XRP is under renewed pressure as the overall market slowdown drags its profitability metrics to levels last seen during Donald Trump’s re-election in November 2024.
Data from Glassnode shows that only 58.5% of the circulating supply of XRP is now generating profits. This is the weakest reading since late November 2024, when the token was around $0.53.
Even at the current price of about $2.15, around 41.5% of all XRP in circulation, which is equivalent to almost 26.5 billion tokens, has a realized loss.
According to the company, the imbalance reflects how much of this year’s trading volume was clustered near high price zones. That concentration has left late buyers exposed as momentum fades.
According CryptoSlate According to data, XRP has fallen 12% over the past six months and is trading 40% below its July cycle peak of $3.65.
Why is XRP having problems?
In particular, derivatives activity has reinforced that cautious sentiment.
According to data from CoinGlass, XRP futures open interest has collapsed to around $3.8 billion, well below nearly $10 billion earlier this year.
Open interest tracks the value of active futures contracts. As a result, lower levels typically show that speculative demand is weakening and traders are withdrawing from directional bets.
This explains why XRP price growth has stalled significantly since its post-election peak. In fact, XRP has mostly traded sideways in a tight range around $2.10, disappointing traders who were hoping for a follow-through above that level.
Aside from that, the price of XRP has struggled significantly as its long-term holders have increased their profit taking.
Glassnode noted that investors who accumulated XRP below $1 before the late 2024 run are now unwinding positions at a dizzying pace.
According to the company, this cohort of profit-taking activity has increased 240% since September, rising from about $65 million a day to nearly $220 million.
Solid fundamentals
Despite the short-term weakness, the token’s underlying fundamentals remain intact.
Earlier this year, Ripple resolved its multi-year dispute with the US Securities and Exchange Commission (SEC) in a settlement following several favorable rulings.
At the same time, Ripple’s recent $500 million raise, strategic acquisitions of Palisade and Hidden Roads, and several partnerships are strengthening the company’s product suite and expanding its global footprint.
Market analysts consider these developments to support the long-term positioning of the asset because they build the ecosystem that depends on the token.
Furthermore, institutional interest in digital assets continues to increase.
Several XRP spot ETFs were launched in November 2025, including products from Franklin Templeton, Bitwise, 21Shares, and CoinShares. Notably, Canary Capital’s XRPC ETF has already attracted nearly $278 million in initial inflows, according to data from SoSoValue.
At the same time, blockchain analytics platform Santiment noted that
Additionally, the company also pointed to recent retail sales as evidence of an imminent price rebound.
It noted that wallets with less than 100 XRP have sold 1.38% of their balances since the beginning of November. Retail capitulation often precedes rebounds, and analysts view the trend as a potential sign of recovery.