42% of XRP Supply Underwater Amid New Spot ETF Launches
On-chain analytics firm Glassnode reports that 41.5% of XRP’s circulating supply trades below purchase price—the highest underwater level since November 2024. XRP has fallen 8.8% over the past week and is 39% below its July 2025 peak, trading around $2.22. Analysts warn buyers who entered near $3.65 highs face stop-loss risks and say a rebound above $2.70 is needed to restore confidence. Market sentiment remains fragile as traders await spot XRP ETFs. Canary Capital’s US spot XRP ETF drew $58 million in first-day volume. Franklin Templeton, Bitwise, 21Shares and CoinShares are set to launch similar funds, with investors watching ETF flows for signs of renewed buying pressure.
Bearish
A large portion of XRP holders—41.5%—are underwater, creating structural weakness as late-stage buyers face potential stop-loss triggers. The token has lost nearly 40% from its July peak and shows no clear rebound above key resistance at $2.70. Although new spot XRP ETFs may offer long-term support, short-term sentiment remains negative. Traders are likely to remain cautious until ETF flows drive sustained buying pressure and price stabilisation.