On-chain data reveals a stark divergence in XRP holder behavior, with large-scale investors accumulating the token while a significant majority of the supply remains held at a loss. According to analytics from Glassnode, approximately 36.8 billion XRP, representing about 66% of the circulating supply and valued at roughly $50 billion, is currently in an unrealized loss position. This metric tracks tokens whose last on-chain movement occurred at a price higher than the current market value, indicating widespread holder pain.
Despite this bearish backdrop, exchange flow metrics point to accumulation by whales. Data shows millions of XRP leaving trading platforms, including a notable single-day outflow of roughly 35.6 million XRP on March 6. Analysts interpret such exchange outflows as a sign that large holders are moving tokens to private wallets for long-term holding rather than keeping them available for immediate sale.
"XRP WHALES GOING BALLISTIC! 3.56 million XRP vanished from exchanges in 24 hours," one crypto analyst claimed on X, suggesting that "smart money is stacking XRP" in anticipation of a future price surge.
At press time, XRP was trading near $1.35, showing minimal 24-hour movement but down 7% over the past month. Its market cap hovered around $82.9 billion. Technical analysis indicates a bearish bias, with the daily RSI near 42 and the MACD histogram shrinking, suggesting potential for further downside. Key support levels are seen at $1.31, $1.20, and the February 5 low, while a reclaim of $1.40 could spark a rebound toward $1.80.
Analysts note that the current level of unrealized losses mirrors classic capitulation zones seen in previous bear markets, such as 2018-2019 and 2022. Historically, such extremes have preceded rebounds once panic selling exhausts itself. The current dynamic reflects a classic crypto market pattern where retail investors remain trapped in losing positions while larger, strategic players accumulate during periods of weak sentiment.
