More than 41% of the circulating XRP supply (26.5 billion tokens) is now held at a loss, according to on-chain data reviewed by Finbold from Glassnode on November 18. In simple terms, it means many investors bought at prices higher than today’s.
To put things into perspective, investor profitability has dropped to its lowest since November 2024, highlighting a disconnect between price performance and market resilience.
The metrics suggest XRP’s supply is dominated by later buyers who entered the market during the more bullish phases of 2025, particularly when XRP pushed above $3.
XRP price selling pressure risks
A large pool of underwater supply poses a persistent risk for XRP price stability, with the token trading at $2.18 at the time of writing, down 2.41% in the last 24 hours amid a dramatic crypto pullback.
Should XRP price stagnate or slip further, more investors may opt to cut their losses, potentially triggering a wave of stop-loss orders and accelerating downside pressure.
To avoid the worst-case scenario, XRP needs a clean break and sustained hold above the $2.70 resistance level, which would bring a meaningful share of “underwater” holders back into profit.
From a technical standpoint the token is weakening as it trades below the 78.6% Fibonacci retracement level at $2.21 and is falling below all major moving averages, including the 7-day simple moving average (SMA) at $2.28 and the 200-day SMA at $2.63.
Similarly, a bearish crossover MACD Indicator at -0.0104 confirms a short-term downtrend, while the relative strength index (RSI) at 38 indicates that the token still has room to fall before it reaches the oversold territory.
If XRP fails to recover above $2.70 soon, analysts warn price could revisit $2 support.
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