XRP is experiencing major pressure as the token trades at $1.38. This price range is more than 60% below its previous cycle high. The decline has left a substantial portion of investors holding positions at a loss. On-chain data shows that nearly $50.8 billion in unrealized losses now exist across the network.

Large Portion of XRP Supply Underwater

According to Glassnode, investors currently hold about 36.8 billion XRP at a loss which is nearly 60% of the token's total circulating supply. 

The average purchasing cost for most holders equals $1.44. This leaves the majority of investors at a loss. 

The scenario often creates an important resistance zone. When prices approach the average cost basis of these holders many traders look to sell near break-even. The trend limits upward momentum.

Meanwhile, the 30-day volume Z-score for Binance has gone down to nearly -1.16. This indicates that current trading volume is at levels lower than typical historical trading patterns.

Whale Accumulation Continues

Despite the wider market weakness, large investors appear to be slowly increasing their exposure to XRP.

Wallets holding between 10 million and 100 million XRP have accumulated close to 4.18 billion tokens since October 2025, raising their collective holdings to around 10.87 billion XRP.

In March alone two separate whale transactions moved substantial amounts - 30 million XRP ($40.5 million) and 180 million XRP ($243 million). 

These are not minor trades but clear signals of large-scale buying. The most recent evidence of this in action is a single-day outflow of roughly 35.6 million XRP on March 6. It is a movement that analytics often interpret as whales removing tokens from exchanges to hold long-term.

While this buying activity signals confidence from large holders it is relatively small compared to the massive supply currently held at a loss.

ETF Outflows Add Selling Pressure

Recently spot XRP exchange-traded funds experienced outflows of about $18.11 million. This adds to downward pressure during a period of weak market sentiment.

The combination of ETF redemptions and declining liquidity has created a fragile trading environment where price movements are highly sensitive to shifts in demand.

Also Read: How to Trade and Convert XRP Efficiently in 2026: Exchange Rate Guide

Key Levels to Watch

Technically XRP is consolidating around the $1.35-$1.37 range right now which looks like a crucial short-term support zone.

If this level fails analysts expect the next support area to appear near $1.30-$1.32 and deeper downside will potentially move toward $1.11.

On the upside $1.43 is the first key resistance level while a wider recovery would need XRP to reclaim $1.48. This scenario is in line with the estimated average cost basis of many holders.