XRP unrealized losses reach $50.8 billion, with whales choosing to add to their positions against the trend, hitting a recent high

According to Glassnode data, approximately 36.8 billion XRP are currently in loss, representing an unrealized loss of about $50.8 billion. In contrast, on-chain tracking data from Santiment shows that since March 5, the group of whales holding between 1 million and 100 million XRP has collectively accumulated about 210 million tokens, worth nearly $283.5 million.

$50.8 Billion Unrealized Loss: The Lockup Dilemma of XRP Supply

(Source: Glassnode)

XRP’s decline has persisted for over a year: the full year of 2025 saw an 11.6% decrease, and after entering 2026, it has fallen nearly 28%, causing more than half of the circulating supply to be on paper losses. The 36.8 billion loss figure from Glassnode indicates widespread cost-disadvantaged holdings, with holders facing structural compression in their exit options without triggering actual losses.

BeInCrypto reports that short-term holders of XRP, with holdings of 1 to 3 months, have recently reached a new high in supply share over four months. This data suggests that recent buyers are generally choosing to extend their holding periods rather than stop-loss and exit, waiting for a more favorable exit opportunity.

Binance Liquidity Shrinks: Market Implications of Declining Volume Z-Score

Analyst Arab Chain points out that the 30-day trading volume Z-score for XRP on Binance has fallen to about -1.16, below the historical average during the reference period. A negative Z-score is associated with several market conditions:

• Lower-than-normal inflow liquidity: Reduced short-term speculative activity, with investors preferring to hold and observe rather than trade frequently.
• Decreased order book depth: BeInCrypto notes that Binance XRP liquidity has declined, with a thinner order book amplifying market impact for large buy/sell orders, increasing bid-ask volatility.
• Increased slippage costs: In low-liquidity environments, exiting large positions becomes significantly more expensive, adding pressure on holders with unrealized losses.

Arab Chain states that this situation “usually signals larger price volatility ahead, as market activity gradually diminishes before stronger liquidity returns,” but the direction of the volume Z-score does not directly predict future price movements.

Whale Behavior in XRP: Two Levels of Accumulation Data

(Source: Santiment)

Against the broader market pressure, the largest XRP holders are exhibiting contrasting actions. According to Santiment data since March 5:

• Wallets holding 1 million to 10 million XRP increased their holdings from 3.79 billion to 3.82 billion, adding about 30 million tokens worth approximately $4.05 million.
• Larger wallets holding 10 million to 100 million XRP increased their holdings from 10.87 billion to 11.05 billion, adding about 180 million tokens worth nearly $243 million.

In total, these whale groups have accumulated about 210 million XRP, valued at approximately $283.5 million.

This divergence between whale accumulation and retail pressure is interpreted by market observers as a signal that some large participants see current lows as a buying opportunity. However, this does not confirm a definitive market trend reversal. As of now, XRP is trading at $1.35, up 0.21% in the past 24 hours but down 8.5% over the past month.

Frequently Asked Questions

How much XRP supply is currently in loss?

Based on Glassnode data, about 36.8 billion XRP are in loss, with unrealized losses totaling around $50.8 billion. According to CoinGecko, with a circulating supply of 61.2 billion, nearly 60% of circulating XRP is below the average purchase cost for holders.

What actions have XRP whales taken during the market downturn?

Since March 5, Santiment data shows that two major whale tiers have collectively accumulated about 210 million XRP (worth nearly $283.5 million). This indicates large holders are accumulating positions at lows, but this behavior does not necessarily confirm a trend reversal.

What is the market impact of Binance XRP volume Z-score decline?

Arab Chain explains that the 30-day trading volume Z-score for Binance XRP has dropped to -1.16, below the historical average, with order book depth also decreasing. Low liquidity environments increase the cost of exiting large positions, amplify price volatility, and add pressure on holders with unrealized losses.