26.5 Billion XRP Tokens Underwater: How a $2 Price Tag Still Leaves Holders in the Red

XRP's $2 price tag isn't saving investors from the pain—26.5 billion tokens are still held at a loss. Here's why.

The Paper Profit Paradox

Even with XRP flirting with multi-year highs, a mountain of tokens remains stuck below break-even. Early buyers who chased the 2017 hype are still waiting for salvation.

Whale Wounds

Big wallets—think exchanges and OGs—are sitting on billions of 'zombie coins' purchased during mania cycles. Their break-even? Somewhere north of $3. Talk about baggage.

The Liquidity Illusion

Trading volume looks healthy... until you realize most activity is wash-trading between centralized casinos. Real demand? As thin as a DeFi project's 'audit'.

The Bottom Line

Until XRP shatters its ATH, these underwater tokens will keep dragging like an anchor. But hey—at least the 'HODL' memes write themselves.

According to the firm, the imbalance reflects how much of this year’s trading volume clustered NEAR elevated price zones. That concentration has left late buyers exposed as momentum fades.

According to CryptoSlate’s data, XRP has dropped 12% in the past six months and trades 40% below its July cycle peak of $3.65.

Why is XRP struggling?

Notably, derivatives activity has reinforced that cautious sentiment.

According to CoinGlass data, XRP futures open interest has collapsed to about $3.8 billion, down sharply from almost $10 billion earlier this year.

Open interest tracks the value of active futures contracts. As a result, lower levels typically show that speculative demand is weakening and traders are pulling back from directional bets.

This explains why XRP’s price growth has stalled significantly since its post-election spike. Indeed, XRP has traded chiefly sideways in a tight range around $2.10, disappointing traders who expected follow-through above that level.

Apart from that, XRP’s price has struggled significantly because its long-term holders have stepped up their profit-taking.

Glassnode noted that investors who accumulated XRP below $1 ahead of the late-2024 run are now unwinding positions at a breakneck pace.

According to the firm, this cohort profit-realization activity has risen 240% since September, climbing from about $65 million a day to nearly $220 million.

Strong fundamentals

Despite the short-term weakness, the token’s underlying fundamentals remain intact.

Earlier this year, Ripple resolved its multi-year dispute with the US Securities and Exchange Commission (SEC) through a settlement following several favorable rulings.

At the same time, Ripple’s recent $500 million raise, strategic acquisitions of Palisade and Hidden Roads, and several partnerships are strengthening the company’s product suite and expanding its global presence.

Market analysts view these developments as supportive of the asset’s long-term positioning because they build out the ecosystem that relies on the token.

Moreover, institutional interest in the digital assets continues to rise.

Several spot XRP ETFs have launched in November 2025, including products from Franklin Templeton, Bitwise, 21Shares, and CoinShares. Notably, Canary Capital’s XRPC ETF has already drawn nearly $278 million in early inflows, according to SoSoValue data.

At the same time, the blockchain analytics platform Santiment noted that XRP remains a major topic across social platforms, with discussions focusing on ETF launches, market volatility, and the token’s positioning relative to Bitcoin, Ethereum, Solana, and Cardano.

Additionally, the firm also flagged recent retail sales as evidence of an imminent price rebound.

It noted that wallets holding fewer than 100 XRP have sold 1.38% of their balances since early November. Retail capitulation often precedes rebounds, and analysts are watching the trend as a potential sign of recovery.