On-chain indicators show XRP holders remain in a zone of average losses of 41%.

According to analysis by on-chain analytics firm Santiment cited by blockchain outlet The Crypto Basic on April 7, the average profit and loss of XRP wallets active over the past year was about -41%. That pushed the MVRV ratio, which compares market value with realised value, down to its lowest level since the FTX collapse.

The price has also remained weak. XRP traded around $1.31, down 2.14% on the day. That is down more than 60% from a high of $3.66 in July 2025. The outlet said the fall in MVRV showed not only a price correction but also overlapping moves by market participants to lock in losses.

MVRV is an indicator used to gauge whether investors are, on average, in profit or loss. Santiment classified the current range as an "opportunity zone". It said this typically appears when MVRV falls to around -30%, but the 1-year MVRV has this time sunk deeper to -41%.

Data also show selling pressure has persisted for an extended period. According to Glassnode data, more than half of XRP's circulating supply is underwater, meaning it is in a loss relative to purchase price. Investors who bought above $2 over the past year have steadily realised losses, and daily realised losses have ranged from $20 million to $110 million since November 2025.

Supply still in profit has shrunk further. Glassnode said the share of XRP supply in profit was 43.4%, the lowest since July 2024. Such figures are cited as a reason XRP has been unable to build a clear recovery trend, as rising loss-position supply can increase sell-side overhang during rebounds.

Another view was also presented that a deep-loss phase does not always lead only to further declines. Glassnode noted that in zero-sum markets such as cryptocurrencies, a phase referred to as "blood in the streets" can instead tend to reduce downside risk. It said so-called "weak hands", meaning short-term participants, have already exited positions, reducing additional selling capacity.

Santiment pointed to a case in December 2022 when XRP's MVRV fell to -41% and then rose 63% over 4.5 months. It drew a line, saying it was uncertain whether the same pattern would repeat this time.