XRP Realized Loss Ratio Hits 0.38 as On-Chain Fees Collapse 91%, Glassnode Data Shows

Glassnode's latest on-chain data shows $XRP holders are realizing just 38 cents in profit for every dollar of losses recorded on the network, while total transaction fees on the XRP Ledger have plunged more than 91% since February 2025. The analytics firm's metrics point to a market environment dominated by loss-taking rather than the profit distribution that characterizes bull-market phases. Combined, the two data sets suggest persistent stress across the XRP ecosystem that price levels alone do not capture.

Profitability Ratio Deep in Capitulation Territory

The 90-day simple moving average of XRP's Realized Profit-to-Loss Ratio currently sits at 0.38, according to Glassnode. The breakeven threshold for this metric is 1.0 — any reading below that means the network is collectively booking more losses than gains on moved coins. During periods of strong upward price momentum, the ratio has historically climbed well above 20, and in some cases above 50, as sellers lock in gains across a wide share of circulating supply. A reading of 0.38 places the current environment far from that dynamic. Glassnode characterizes readings at this level as consistent with capitulation, a phase in which a large proportion of transacted coins belong to holders exiting at a loss.

Network Fees Signal Shrinking Demand

Transaction-fee data on the XRP Ledger reinforces the profitability picture. The 90-day simple moving average of total fees peaked at roughly 5,900 XRP in February 2025 before declining to approximately 500 XRP at the time of Glassnode's report — a drop exceeding 91% in the span of several months. Fee volume is a direct proxy for genuine network usage: it rises when users compete to get transactions processed and falls when throughput demand softens. The scale of the decline suggests that whatever activity surge the network saw earlier in 2025 has not been sustained.

Supply-in-Profit Context

The current figures extend concerns Glassnode flagged in late 2025. In November of that year, the firm reported that only 58.5% of XRP's circulating supply was held at a profit — the lowest share recorded since November 2024, when the token was trading near $0.53. At the time of that November 2025 reading, approximately 41.5% of supply, equivalent to roughly 26.5 billion XRP, was underwater despite the token changing hands around $2.15. That gap between price level and holder profitability underscores how much of the supply was accumulated at higher cost bases during the preceding rally.

What the Data Does — and Doesn't — Say

Glassnode's metrics describe the current distribution of realized outcomes on-chain; they do not assign a directional price forecast. Capitulation periods in prior cycles have preceded recoveries, but they have also extended into prolonged drawdowns. What the data establishes clearly is that a meaningful share of XRP participants remain offside on their positions, network activity has pulled back sharply, and the profitability ratio has not yet returned to the neutral 1.0 threshold that would signal a shift in on-chain sentiment.