Glassnode: XRP holders in ‘intense capitulation’ as losses mount

On June 9, analytics firm Glassnode reported that XRP holders are experiencing what it called ‘intense capitulation.’ The firm’s 90-day simple moving average of the realized profit-to-loss ratio fell to 0.38, and the 90-day average of total network fees declined 91.5%, from 5,900 XRP in February 2025 to 500 XRP on June 9.

The realized profit-to-loss ratio measures whether coins moved on the network generate gains or losses for holders. A reading below 1 means more losses are being realized than profits. Glassnode noted the ratio reached 50 at the token’s 2025 peak and wrote on X that ‘That dynamic has fully inverted.’ A 0.38 reading means roughly 38 cents of profit are being taken for every dollar of realized loss.

Glassnode also reported a sharp fall in fee revenue. The firm linked the drop in the 90-day average of total fees paid to a near-total pullback in organic transaction demand following the token’s earlier surge.

Those two trends — larger realized losses and a steep fall in fees — reflect a contraction in on-chain activity compared with the period around XRP’s earlier rally. Glassnode’s charts show reduced participation by active addresses and a higher share of movements occurring at a loss.

Price action has mirrored the on-chain data. XRP extended a decline that tested support near $1.14 as traders faced heavy long liquidations and ongoing selling pressure. Analysts use realized profit-and-loss metrics and fee levels to assess whether network activity supports price moves; Glassnode’s figures show more active holders moving coins at a loss than realizing gains.

Glassnode said a sustained recovery would likely require stronger demand, increased network usage and a return to profit-taking among holders. The firm’s public charts and data posted on June 9 provide the latest snapshot of how these on-chain indicators and fee figures have shifted since the token’s earlier highs.