XRP is under renewed pressure as the broader market downturn drags its profitability metrics back to levels last seen during Donald Trump’s November 2024 re-election.
Glassnode data shows that only 58.5% of XRP’s circulating supply is now in profit. That is the weakest reading since late November 2024, when the token hovered around $0.53.
Even at today’s price of roughly $2.15, about 41.5% of all circulating XRP, equating to nearly 26.5 billion tokens, sits at a realized loss.
According to the firm, the imbalance reflects how much of this year’s trading volume clustered near elevated price zones. That concentration has left late buyers exposed as momentum fades.
According to CryptoSlate’s data, XRP has dropped 12% in the past six months and trades 40% below its July cycle peak of $3.65.
Why is XRP struggling?
Notably, derivatives activity has reinforced that cautious sentiment.
According to CoinGlass data, XRP futures open interest has collapsed to about $3.8 billion, down sharply from almost $10 billion earlier this year.
Open interest tracks the value of active futures contracts. As a result, lower levels typically show that speculative demand is weakening and traders are pulling back from directional bets.
This explains why XRP’s price growth has stalled significantly since its post-election spike. Indeed, XRP has traded chiefly sideways in a tight range around $2.10, disappointing traders who expected follow-through above that level.
Apart from that, XRP’s price has struggled significantly because its long-term holders have stepped up their profit-taking.
Glassnode noted that investors who accumulated XRP below $1 ahead of the late-2024 run are now unwinding positions at a breakneck pace.
According to the firm, this cohort profit-realization activity has risen 240% since September, climbing from about $65 million a day to nearly $220 million.
Strong fundamentals
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 are strengthening the company’s product suite and expanding its global presence.
Market analysts view these developments as supportive of the asset’s long-term positioning because they build out the ecosystem that relies on the token.
Moreover, institutional interest in the digital assets continues to rise.
Several spot XRP ETFs have launched in November 2025, including products from Franklin Templeton, Bitwise, 21Shares, and CoinShares. Notably, Canary Capital’s XRPC ETF has already drawn nearly $278 million in early inflows, according to SoSoValue data.
At the same time, the blockchain analytics platform Santiment noted that XRP remains a major topic across social platforms, with discussions focusing on ETF launches, market volatility, and the token’s positioning relative to Bitcoin, Ethereum, Solana, and Cardano.
Additionally, the firm also flagged recent retail sales as evidence of an imminent price rebound.
It noted that wallets holding fewer than 100 XRP have sold 1.38% of their balances since early November. Retail capitulation often precedes rebounds, and analysts are watching the trend as a potential sign of recovery.