Glassnode released data on June 9 showing XRP holders are realizing more losses than gains as market confidence fades. The digital asset data and analytics firm reported that the 90-day simple moving average of XRP's Realized Profit to Loss Ratio fell to 0.38, meaning only 38 cents of profit are being taken for every dollar of realized loss. This marks a sharp reversal from the 2025 peak when the ratio reached 50, with profit-takers overwhelming loss-sellers by 50 times. Glassnode characterized the current conditions as reflecting 'intense capitulation' among investors who are exiting positions despite unfavorable prices. The shift follows a prolonged change in market sentiment after XRP's earlier speculative rally.
Glassnode Reports XRP Realized Profit to Loss Ratio at 0.38
Glassnode's chart compares XRP's price with the 90-day moving average of realized profit versus realized loss. The indicator measures whether coins moving on the network are generating profits or losses for their holders. Green spikes show periods when profits dominated activity, while red readings below 1 signal that realized losses exceeded realized gains.
Current conditions sit far below the neutral 1 threshold, showing that loss-taking has become the dominant behavior among active participants. Glassnode wrote on X: 'That dynamic has fully inverted.'
Such readings are typically associated with capitulation, when investors exit positions despite unfavorable prices after a prolonged change in sentiment. The firm stated: 'A ratio this deep below 1 reflects a market where the majority of participants who are moving coins are doing so at a loss, a hallmark of intense capitulation.'
XRP Network Fees Drop 91.5% From February 2025 Peak
Glassnode also linked XRP's realized-loss pressure to a steep drop in network fees. The firm reported that the 90-day moving average of total fees paid on the XRP network fell from 5,900 XRP in February 2025 to 500 XRP on June 9, a 91.5% decline.
Glassnode described the fee decline as more than a fee-market adjustment. The firm tied the decline to a near-total contraction in organic transaction demand following XRP's earlier surge, reinforcing the loss-heavy signal from the Realized Profit-to-Loss Ratio.
Taken together, the charts show both weakening participation and rising realized losses across the XRP ecosystem. Network activity has contracted sharply, while the balance between profits and losses has swung decisively toward holders absorbing losses.
FAQ
What does XRP's Realized Profit to Loss Ratio of 0.38 mean?
The ratio of 0.38 means that for every dollar of realized loss, only 38 cents of profit are being taken by XRP holders. This indicates that loss-taking has become the dominant behavior among active participants on the network.
How much have XRP network fees declined since February 2025?
The 90-day moving average of total fees paid on the XRP network fell from 5,900 XRP in February 2025 to 500 XRP on June 9, representing a 91.5% decline according to Glassnode data.
What did Glassnode say about current XRP holder behavior?
Glassnode characterized the current conditions as 'intense capitulation,' stating that a ratio this deep below 1 reflects a market where the majority of participants moving coins are doing so at a loss.
