XRP price is trading near $1.35 today as fresh on-chain data shows nearly $50 billion worth of XRP has moved underwater, highlighting growing pressure across the network. While the broader crypto market remains uncertain, several underlying indicators are beginning to reveal shifts beneath the surface. Large portions of the XRP supply are now sitting at a loss, trading momentum on major exchanges has slowed, and the asset itself is compressing within a tightening technical structure.
As a result, analysts are now closely watching whether XRP price is simply stabilizing after its recent decline, or quietly preparing for a larger move in the weeks ahead.
A Large Portion of XRP Supply is Now Underwater
According to Glassnode data tracking the “Total Supply in Loss” metric, approximately 36.8 billion XRP tokens are now trading below the price at which they were acquired. At current market prices, this translates to nearly $50 billion in unrealized losses across the network. This indicator measures how much of a cryptocurrency’s circulating supply is currently held at a loss. Rising supply in loss typically occurs during market corrections when investors who bought near local highs begin to see their positions move underwater.
However, historically such phases can also signal late-stage corrections, where weaker hands exit positions while longer-term investors gradually accumulate. In previous market cycles, spikes in underwater supply have often appeared near major market turning points, though such signals rarely play out immediately.
XRP Trading Momentum is Cooling
Alongside rising unrealized losses, trading activity across major exchanges has also begun to slow. XRP Volume Z-Score on Binance shows the indicator recently falling to around -1.16. The Volume Z-Score compares current trading activity with historical averages, helping analysts identify abnormal spikes or declines in market participation.
A negative reading suggests that current trading volumes are below the historical norm, indicating reduced speculative activity in the market.
Periods of declining trading volume often occur when markets enter consolidation phases, where traders temporarily step back and liquidity begins to thin. Historically, these quieter market conditions have sometimes preceded larger volatility moves once momentum returns.
XRP Price Coiling Near Key Support: What’s Next?
XRP price is currently trading within a descending channel pattern, reflecting the broader consolidation phase underway. For the past few sessions, XRP token price has been hovering near a key support region between $1.30 and $1.35, which has recently acted as a short-term demand zone.
At the same time, a descending resistance trendline continues to cap upside attempts, keeping the broader corrective structure intact. If buyers manage to break above this resistance line, analysts suggest the next potential resistance area could emerge near $2, followed by a broader supply region between $2.8 and $3. However, failure to maintain the current support level could expose XRP price to additional downside pressure, particularly if weakness across the broader crypto market continues.
The Bottom Line
Although XRP price currently appears relatively stable, underlying market data suggests that pressure may be building beneath the surface. Rising unrealized losses, declining trading momentum, and tightening technical structure all point toward a market entering an important decision phase. Whether this leads to renewed downside pressure or a broader recovery will likely depend on how XRP price reacts around its current support levels in the coming sessions.
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