On-chain information from Glassnode has unveiled the explanation why the XRP value has been in a persistent downtrend since 2025. Notably, the XRP value crashed from its excessive above $3 final 12 months and has been falling ever since. Whereas many within the crypto house believed XRP might ultimately reclaim the $3 degree, the cryptocurrency has continued to wrestle, shedding extra good points every month amid broader market weak point and a shift in sentiment.
Why The XRP Worth Has Been Declining Since 2025
Glassnode has attributed XRP’s extended value correction since 2025 to a shift in investor conduct pushed by weakening on-chain profitability and rising losses amongst holders. In accordance with the information, XRP fell beneath the combination holder value foundation, which represents the typical value at which present traders acquired their tokens.
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When a cryptocurrency trades beneath this degree, a big portion of holders are technically underwater, which means they’re holding at a loss. This situation typically results in panic promoting as traders try and restrict additional losses, growing promoting strain on the asset and reinforcing the worth downtrend.
A key indicator supporting this view is the Spent Output Revenue Ratio (SOPR), measured utilizing a seven-day Exponential Shifting Common (EMA). The SOPR tracks whether or not cash being moved or offered on the blockchain are being accomplished so at a revenue or a loss. Glassnode’s chart exhibits that XRP’s SOPR declined from about 1.6 in July 2025 to round 0.96 just lately.
Notably, a price above 1 signifies that holders are promoting at a revenue, whereas a price beneath that indicators that cash are being offered at a loss. This sustained transfer beneath the impartial degree suggests that almost all promoting exercise in XRP is now occurring at a loss somewhat than in profit-taking circumstances.
Because of this, on-chain profitability for XRP holders has turned destructive. Such an surroundings often weakens traders’ confidence in a cryptocurrency and reduces the inducement to carry it, particularly amongst short-term merchants. Unfavourable profitability can even discourage new capital inflows, as potential patrons see restricted indicators of restoration or momentum, additional contributing to cost decline or stagnation.
XRP Construction Mirrors Bearish 2022 Setup
Apparently, Glassnode famous that XRP’s present market construction intently resembles a interval between September 2021 and Could 2022. Throughout that earlier section, XRP’s SOPR additionally fell beneath 1 and remained there for a very long time.
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The interval was additionally marked by extended consolidation and low volatility following sharp declines, earlier than the market ultimately stabilized. This comparability means that XRP could also be experiencing an analogous structural section during which losses dominate buying and selling exercise and restoration is delayed till promoting strain eases and sentiment strikes again to constructive territory.
As of writing, the XRP value has declined even additional, now buying and selling underneath $1.4. CoinMarketCap information exhibits that the cryptocurrency has plummeted by greater than 4.3% over the previous 24 hours and by effectively over 46% 12 months so far.
Featured Picture from Freepik, chart from Tradingview.com
