XRP’s decline has been accompanied by a sharp change in holder behavior. Since August 2025, the token has stayed in a downtrend, losing 27% by the end of October and falling to about $2.4. Holders who bought before November 2024 have raised their average daily spending from $38 million to $260 million, a jump of 580%. Analysts cited in the source said this is not the kind of distribution usually seen after a profit-driven rally; it is a case of selling into weakness.
Profitable supply drops to the lowest level in a year
By mid-November, the picture had worsened. Only 58.5% of XRP’s supply was still in profit, the lowest reading in a year. XRP was trading at $2.15 at that stage, still roughly four times higher than its $0.53 level in November 2024, yet 41% of the supply was already underwater. The report said newer and less experienced traders were taking a larger share of market activity, leaving the market top-heavy and putting more strain on price stability.
The $2 level shifts from support to a capitulation zone
Once XRP moved below $2 in mid-November, estimated daily losses climbed to an average of $75 million. Each test of the $2 area since the start of the year triggered selling, with weekly losses ranging from $500 million to $1.2 billion. What had been viewed as a psychological support level turned into a point where investors exited positions in size. The source says XRP is now trading at $1.40 and has fallen below its cumulative cost basis.
Specialists frame the move as capitulation, not structural failure
Market specialists described the current phase as capitulation rather than a structural breakdown. The report noted that this downturn differs from the similar declines seen in 2022, because the regulatory picture is clearer now and fundamentals are firmer. It also compared the current SOPR weakness with the drops seen in September 2021 and May 2022. In those earlier periods, extended consolidation followed before prices stabilized. That leaves XRP holders facing the same unresolved question raised in the report: whether these losses point to a market bottom, or whether another leg down is still ahead.