 
 
Crypto analytics firm Glassnode has reported that XRP holders now have 36.8 billion XRP in unrealized loss, based on the latest on-chain analytics. The fifth-largest cryptocurrency by market capitalization is in a major bearish spell, dampening any hopes of an immediate price recovery. It is currently trading at around $1.35, representing a 56% loss in the last 6 months alone.
Glassnode tweeted:
The analytics firm also attached a previous analysis from February 9 that showed that XRP had lost its aggregated holder cost basis:
To summarize, Glassnode notes that its earlier prediction about XRP was correct. The Spent Output Profit Ratio (SOPR) is a key Bitcoin on-chain metric that analyzes market sentiment by measuring whether coins are sold at a profit or loss. If the SOPR is greater than 1, it indicates profit-taking; if it is less than 1, it signals potential loss realization. It is an effective tool for determining potential bottoms or tops. In this case, XRP might be heading towards a relative bottom.
The quoted February post notes SOPR (7-day EMA) at 0.96, which is below 1, indicating holders selling at a loss, a pattern from on-chain analytics that shows the formation of a potential bottom.
 
Twitterati Respond
The early onset of the altcoin bear market caught many of the traders by surprise. Now, with the early predictions regarding a potential bottom, some are buying the premature announcement, while others are not.
One user responded:
According to this user, a $50.8 billion unrealized loss on a digital asset with a net market capitalization of just $82 billion shows just how deep we are in bearish territory right now. SOPR is below 1 and still languishing in panic territory, and it needs to recover above 1 to show that the extreme selling setup has finally passed.
Another user quipped:
The Future
A potential short-term rebound could be on the cards for XRP, provided broader crypto sentiment improves.
XRP users experienced a wayward 2025 overall, and so far, 2026 hasn’t been kind to them as spot indices have plunged and there is no concrete recovery in sight. On-chain demand, driven by increased cold storage, could help stabilize the market.