XRP's unrealized loss exceeds $50 billion: Nearly 60% of circulating supply is in loss, but whales are increasing their holdings against the trend

March 9 News: The cryptocurrency market has recently been volatile, with XRP prices showing weakness. Data indicates that since early 2026, XRP has declined by nearly 28%, continuing to be under pressure after falling about 11.6% throughout 2025. This trend has caused many wallet addresses to be in unrealized loss, with on-chain data showing approximately 36.8 billion XRP are in an unrealized loss state, worth about $50.8 billion.

According to CoinGecko, the current circulating supply of XRP is about 61.2 billion coins, meaning nearly 60% of the circulating tokens are in the loss zone. The price decline combined with reduced market trading activity has significantly increased short-term pressure on the XRP ecosystem.

On-chain analyst Arab Chain pointed out that trading momentum in the XRP market is waning. Data shows that the 30-day trading volume Z-score on major exchanges has dropped to around -1.16, well below historical averages. A negative Z-score typically indicates decreased trading activity, reduced market liquidity inflows, and investors preferring to hold rather than trade frequently.

Liquidity changes are also noteworthy. Research indicates that the depth of the XRP order book is weakening, implying thinning market liquidity. If large-scale capital inflows or sell-offs occur, large orders could have an amplified impact on prices, increasing market volatility.

Meanwhile, some short-term investors are not choosing to cut losses and exit. On-chain data shows a recent significant increase in the number of investors holding XRP for 1 to 3 months, marking the largest growth in four months. This suggests that some new market entrants are extending their holding periods, hoping for a price rebound.

It is also notable that large wallet addresses are adopting different strategies. Data from Santiment shows that whale addresses holding between 1 million and 10 million XRP, as well as those holding between 10 million and 100 million XRP, have increased their holdings during March. Specifically, medium-sized whale wallets increased from about 3.79 billion to 3.82 billion XRP, while larger whale wallets grew from 10.87 billion to 11.05 billion XRP, with a total increase of over 200 million XRP.

Market analysts believe that this structural divergence—retail investors under pressure while whales accumulate—often occurs during market corrections. Some large funds may view the price pullback as a long-term accumulation opportunity. However, until macro market sentiment improves significantly, XRP’s short-term trend may continue to experience high volatility.