Quick overview

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XRP is currently experiencing a downward trend, even following the historic launch of spot XRP ETFs.

The cryptocurrency has seen a decline of about 20% from its recent highs, and the profitability of holders has dropped to levels not witnessed since earlier this year. Currently, XRP is trading at $2.1551, continuing its descent from the $2.60 level reached just a few weeks ago.

 

Despite the improved regulatory clarity that accompanied the introduction of the spot XRP ETF in September—the first U.S.-listed fund providing direct exposure to the asset—profitability among XRP holders has significantly decreased throughout November. According to data from Glassnode, approximately one-third of all XRP holders are now facing unrealized losses, with the percentage of supply in profit falling from around 85-90% in October to current levels between 65-70%.

This marks a considerable shift from earlier periods when nearly all the supply remained profitable. For instance, when XRP was trading near $3.50 in July and August, as well as during the January rally to $4, nearly all holders experienced gains. This is the lowest profitability level since November 2024.

The connection between declining prices and supply profitability shows that holders are experiencing increasing pressure. As more wallets enter a loss position, the likelihood of capitulation selling rises. If support levels do not hold, this could speed up the downward trend. Currently, XRP’s Relative Strength Index (RSI) is at 37.81, indicating that while conditions are approaching oversold territory, they have not fully developed yet. This suggests that there may be further price declines before a potential technical rebound takes place.