[DigitalToday reporter Jinju Hong (홍진주)] An on-chain analysis has found that XRP has entered a structure that makes it difficult to expect a clear rebound for the time being.

U.Today, a blockchain media outlet, reported on June 9 local time that Glassnode, based on June on-chain data, diagnosed the XRP Ledger as suffering severe aftereffects following a speculative surge in 2025.

The key is that weakening network demand and an increase in loss-held supply are happening at the same time. Glassnode saw that organic demand within the network has almost disappeared, while the market has entered a sell-off phase, and that this flow is dragging down the asset's market value. As a representative indicator, the 90-day moving average of realized profit and loss fell to 0.38. That means realized profit is only 38 cents for every $1 of realized loss.

Compared with just last year, the mood has changed sharply. At the time when XRP was rewriting multi-year highs, profit-taking was 50 times larger than loss selling. Now, as the price decline drags on, loss-making transactions are covering the market. As a result, XRP's market structure has become fragile, and 26.5 billion tokens, about 41.5 percent of total circulating supply, are in the loss zone. The share of addresses in profit has also fallen to 58.5 percent.

Selling pressure from market participants is also rising. It was analyzed that many of those moving coins during the current price decline entered the market late and are now closing positions while accepting losses. Even if a rebound emerges, sell orders are stacked above, and there is no sign of network activity below sufficient to push prices higher.

The contraction in on-chain activity is also confirmed in fee indicators. The 90-day moving average of daily average fees paid fell to 500 XRP from 5,900 XRP in February 2025. Glassnode pointed to the figure and said the 91.5 percent decline is not simply fee efficiency gains, but a sign that users have left on a large scale after speculative fever cooled. It said that while the price has narrowly avoided an outright collapse, network fee levels are effectively stuck at the bottom.

This flow shows that the conditions for an XRP price rebound have weakened at the same time. Large supply locked in the loss zone is likely to act as selling pressure on any rebound, while indicators of real usage within the network are failing to provide fuel for further gains. Glassnode assessed that expecting a quick trend reversal under current conditions runs directly against the numbers shown by blockchain data.

As a result, the points to watch in the XRP market for the time being narrow to two. They are how much supply in the loss zone gets cleared, and whether sharply reduced network activity shows signs of recovery. For now, the selling overhang above the price and demand indicators that have fallen to near-bottom levels are simultaneously weighing on XRP.