XRP remains under pressure after falling nearly 28% since the start of the year and extending losses after an 11.6% decline in 2025. The drop has pushed a large share of the token’s circulating supply into loss territory. At the same time, trading activity has weakened, liquidity has thinned, and whale wallets have continued to accumulate through March.
Glassnode data shows that about 36.8 billion XRP are now held at a loss. That equals roughly $50.8 billion in unrealized losses. CoinGecko data puts XRP’s circulating supply at about 61.2 billion tokens. That means close to 60% of the supply currently sits in the red.
The scale of the drawdown points to growing strain across the XRP market. As price weakness deepened, more holders slipped below their cost basis. That shift has left a large portion of supply underwater. It also shows how broad the selling pressure has become since the year began.
Even so, the largest holders have not moved in the same direction as smaller participants. Instead, some of the biggest wallets have added to their positions. Santiment data shows that wallets holding between 1 million and 10 million XRP have accumulated in March. Wallets holding between 10 million and 100 million XRP have also increased exposure.
This accumulation stands out since it comes during a period of falling prices. While many holders remain under pressure, large wallets appear to be positioning differently.
The on-chain backdrop also points to weaker market activity. Analyst Arab Chain said the 30-day XRP Volume Z-Score on Binance has fallen to about -1.16. A negative Z-score means trading activity sits below its historical average over the measured period. In simple terms, momentum has slowed.
Arab Chain said this kind of decline can reflect lower short-term speculation. It can also point to traders holding positions rather than trading aggressively. The analyst added that such periods often come before larger price swings. Activity tends to dry up first, then liquidity can return with more force.
BeInCrypto also reported that XRP liquidity on Binance has declined. Thinner order books can make the market more sensitive to large buy or sell flows. That setup can amplify price moves in either direction. It also makes exits harder for holders because larger trades can cause more slippage.
Also Read: XRP Price Risks $1 Drop as ETF Outflows Hit Market Sentiment
Recent buyers have not rushed to exit. BeInCrypto reported that the 1-month to 3-month holder cohort posted its biggest rise in supply share in more than four months. That trend suggests many newer holders are extending their time horizon. They appear to be waiting for a recovery or a better exit point.
What happens if weak liquidity meets a sudden wave of capital? Macro risks also remain in focus. According to the Financial Times, G7 finance ministers are preparing to discuss a possible joint petroleum reserve release coordinated by the International Energy Agency.
The move would aim to calm markets if the Iran war keeps threatening crude export routes. The discussion itself shows the degree of concern around the latest oil spike. For crypto markets, oil has become a key macro variable. A sustained rise in energy prices can feed inflation, reduce the chance of near-term rate cuts, and add pressure to XRP and other digital assets.
XRP remains under pressure as nearly 60% of its circulating supply sits at a loss. At the same time, weak Binance volume and falling liquidity have increased market fragility, while whale accumulation suggests that large holders still see value in current levels. Traders now turn to inflation data for the next signal.