Glassnode reports a sharp deterioration in XRP Ledger fundamentals. Its latest on-chain metrics point to weaker network activity and mounting pressure on XRP holders, even while the token trades well above its 2024 levels.
The key theme in Glassnode’s reading is profitability. According to Glassnode, the 90-day simple moving average of XRP’s Realized Profit-to-Loss Ratio has fallen to 0.38. That means market participants are realizing only 38 cents in profits for every dollar of losses recorded on-chain.
Profitability ratio: far from breakeven
Glassnode frames 1.0 as the line between net profit-taking and net loss realization. With the 90-day simple moving average at 0.38, the metric sits well below breakeven.
Glassnode also provides context from past cycle behavior. During strong bull market phases, the profitability ratio “often rises far above 20 or even 50,” reflecting periods where profitable selling dominates network activity. The present level implies the opposite. Loss-taking outweighs profit-taking by a wide margin.
Glassnode adds that readings this low are commonly associated with capitulation periods. In those phases, a large share of transacted coins are tied to holders exiting positions at a loss.
Transaction fees fall more than 90% in a year
Profit metrics are not the only stress signal. Glassnode reports broader weakness in network activity through transaction fees.
It says the 90-day simple moving average of total transaction fees on the XRP Ledger dropped from 5,900 XRP in February 2025 to approximately 500 XRP today. Glassnode describes this as a decline of more than 91% over the period.
For readers, the implication is straightforward. When transaction fees collapse on a sustained basis, it suggests reduced demand for block space. That can coincide with a market where fewer participants are actively transacting and where existing holders are more focused on surviving than on deploying.
Past “profit in circulation” data reinforces the same theme
This latest snapshot fits earlier Glassnode warnings. In November 2025, Glassnode reported that only 58.5% of the circulating supply remained in profit. That was described as the lowest percentage recorded since November 2024.
The same source connects those profit-in-circulation readings to earlier market pricing. Glassnode notes that in November 2024, when XRP traded near $0.53, about 41.5% of the supply, roughly 26.5 billion XRP, was held at a loss. Later, by November 2025, the share of supply in profit had dropped to 58.5%, underscoring that a meaningful portion of holders still faced negative realized outcomes.
Taken together, Glassnode’s profitability ratio and fee activity trends suggest continued stress across the XRP ecosystem, with holder pressure persisting and transaction demand below prior cycle highs.
What this means for “Ripple,” practically
The article’s framing is careful about scope. It does not claim the token’s market price is irrelevant. It focuses instead on what the network itself appears to be experiencing on-chain.
If Glassnode’s indicators are accurate, the main practical point is that more XRP is being “spent” while participants realize losses, not profits. That pattern often coincides with capitulation dynamics, where holders exit at unfavorable cost bases.
This is not a forecast. It is a condition check. Glassnode’s data depicts a system where profitability is suppressed and fees are far weaker than recent history.
| Metric (Glassnode) | Latest reading | Earlier reference | What it implies |
|---|---|---|---|
| 90-day Realized Profit-to-Loss Ratio | 0.38 | Breakeven is 1.0 | Profit-taking is far below loss realization |
| 90-day avg total transaction fees (XRP Ledger) | ~500 XRP | 5,900 XRP in Feb 2025 | Transaction demand and fee generation weakened by 91%+ |
| Profitability context | Low ratios often match capitulation | Bull markets often show 20–50+ | Many transacted coins may come from loss exits |
| Profit supply (Nov 2025) | 58.5% in profit | Lowest since Nov 2024 | Large portion of holders still offside on cost basis |
Source: CryptoPotato, citing Glassnode.