XRP is under pressure again as the broader market decline returns profitability figures 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 profitable. That’s the weakest reading since late November 2024, when the token hovered around $0.53.
Even at the current price of around $2.15, around 41.5% of all circulating XRP, amounting 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 near higher price zones. That concentration has left late buyers exposed as momentum fades.
According to Crypto Slates According to data, XRP is down 12% over the past six months and is trading 40% below its July cycle peak of $3.65.
Why is XRP struggling?
Derivatives activity in particular has reinforced this cautious sentiment.
According to CoinGlass factsOpen interest for XRP futures has collapsed to around $3.8 billion, down sharply from nearly $10 billion earlier this year.
Open interest tracks the value of active futures contracts. As a result, lower levels typically show speculative demand weakening and traders pulling back from targeted bets.
This explains why XRP price growth has stalled significantly since its post-election peak. XRP has been trading mostly sideways in a tight range around $2.10, disappointing traders who expected a continuation above that level.
Apart from that, the price of XRP has struggled significantly as long-term holders have ramped up their profit-taking.
Glass junction noted that investors who had accumulated XRP below $1 before the late 2024 run are now unwinding their positions at a breakneck pace.
According to the company, this cohort profit realization activity has increased 240% since September, from approximately $65 million per day to almost $220 million.
Strong foundations
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) through 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 strengthen the company’s product lineup and expand its global footprint.
Market analysts view these developments as supportive of the asset’s long-term positioning as they build out the ecosystem that relies on the token.
Moreover, institutional interest in the digital assets continues to increase.
Several spot XRP 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 early inflows, according to SoSoValue. facts.
At the same time, blockchain analytics platform Santiment noted that XRP remains a top topic on social platforms, with discussions focusing on ETF launches, market volatility, and the token’s positioning against Bitcoin, Ethereum, Solana, and Cardano.
Additionally, the company also flagged recent retail sales as evidence of an impending price recovery.
It noted that wallets holding less than 100 XRP have sold 1.38% of their balance since early November. Retail capitulation often precedes a recovery, and analysts view the trend as a possible sign of recovery.