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XRP holders are facing mounting pressure amid a sharp market decline, with the asset’s profitability falling to levels not seen since July 2024.
Recent on-chain data from blockchain sleuth Glassnode confirms the downward trend. The firm highlights that the proportion of XRP supply in unrealized profit has dropped to a 21-month low.
Majority Of XRP Supply Now Underwater
At a price of $1.33, only 43.4% of the XRP circulating supply is currently in profit, according to Glassnode. This represents the lowest level since July 2024, underscoring a notable shift in supply positioning in recent months.
The data indicates that over half of XRP’s circulating supply is now trading below its acquisition cost. While 43.4% of holders remain in profit, the remaining 56.6% are either at break-even or currently at a loss.
This trend reflects the persistent bearish sentiment that has dominated the market in recent months. XRP has now posted six consecutive monthly red candlesticks—an uncommon streak not seen even during the major bullish cycles of 2017/2018 and 2021.
 
Since reaching its July 2025 all-time high of $3.66, the asset has declined by approximately 63.3%, weighed down by sustained sell pressure and broader macroeconomic uncertainty. As a result, a large portion of XRP holders are currently facing significant unrealized losses on their positions.
Could XRP ETFs Help Reignite Bullish Momentum?
One factor that XRP holders are hoping will restore bullish momentum is the U.S.-listed spot exchange-traded funds (ETFs) tied to the token, which could potentially attract institutional capital and increase demand for the asset.
Interestingly, Goldman Sachs emerged as the largest publicly disclosed institutional holder of spot XRP ETFs, reporting a $152 million position in its Q4 2025 13F filing with the U.S. Securities and Exchange Commission.
Total assets across all U.S.-based XRP ETFs reached a peak of approximately $1.24 billion in early January before declining to about $917 million as of April 2, weighed down by XRP’s price drop as well as a period of sustained net outflows.
That said, a renewed streak of strong inflows into XRP funds could help boost investor sentiment and potentially reinvigorate the bulls.