On-chain data from Santiment reveals that XRP holders are experiencing some of the deepest recorded losses in recent years, with key profitability metrics plunging to historic lows. According to the analytics firm, wallets that have been active on the XRP Ledger over the past year are now down by an average of 41% on their investments. This marks the lowest Mean Value to Realized Value (MVRV) reading for XRP since the market turmoil triggered by the FTX collapse in November 2022.
The MVRV metric, which measures whether investors are in profit or loss compared to their original entry points, shows both the 30-day and 365-day indicators remain firmly in negative territory. This indicates that the majority of XRP holders are positioned below their cost basis. Santiment emphasized that cryptocurrencies operate within a zero-sum framework, suggesting that when most participants are experiencing losses, the remaining downside potential tends to decrease as selling momentum exhausts.
Complementary data from Glassnode underscores the severity of the situation, reporting that only 43.4% of the total XRP supply remains in profit. This is the lowest level since July 2024. The analytics firm noted that investors who bought above the $2 price level have been realizing losses between $20 million and $110 million daily since November 2025, contributing to sustained selling pressure.
Despite the bleak sentiment, historical context provides a potential silver lining. Similar MVRV levels recorded in late 2022 preceded a period where accumulation activity increased as selling pressure declined, eventually setting the stage for a recovery that saw XRP gain more than 60% within a few months. Santiment suggests that deeply negative MVRV readings often align with conditions where risk begins to shift, potentially marking an accumulation zone, though any price recovery may take time to materialize.
Currently, XRP's price is consolidating near $1.33, facing resistance between $1.34 and $1.35 while buyers defend the $1.30 range. Momentum indicators reflect the weak conditions, with the Relative Strength Index (RSI) near 44 and the Moving Average Convergence Divergence (MACD) remaining below zero, confirming ongoing downside pressure. The market's transition to a more balanced structure will depend on renewed demand, improved sentiment, and broader market support in the coming period.
